IBEW Leaders Mobilize on Capitol Hill to Stop Multi-Employer Pension Plan Reform
December 2, 2018 – Washington, D.C. – On November 27 to 29, IBEW Local 96 Business Manager Thomas Maloney joined with IBEW President Lonnie Stephenson and 200 IBEW business managers and pension trustees from throughout the U.S. to successfully head off an attack on Multi-Employer pension plans that Congress was considering during the current legislative session.
While in Washington, Business Manager Maloney met with Massachusetts Congressional delegation, including U.S. Representatives Joe Kennedy III, Seth Moulton, Jim McGovern and Richard Neal, lobbying against the pension reform which would have negatively impacted IBEW workers.
The proposal, initiated by the Joint Select Committee on the Solvency of Multi-employer to overhaul multi-employer pensions. If successful, Joint Select Committee proposal would have:
- Taxed retirees’ pensions
- Required active workers to pay much larger contributions to their pension funds
- Changed the accounting rules pensions use to plan, increasing costs and uncertainty
- Allowed for the creation of hybrid plans made up of pensions and defined contribution plans like a 401k that shift all the risk to workers, raise costs and will leave the original pension underfunded.
Read the complete story on the pension plan issue and the IBEW successful lobbying efforts: