Watching the response by so many essential workers during these challenging times makes me especially proud to have served in the delivery industry for 32 years.
Unfortunately, many of those hardworking Americans may not get the thank you they are owed because their multi-employer pension plans are running dry, filing for insolvency, cutting worker and retiree benefits, and asking the federal government for support. Even the federal backstop to these plans is running out of funds, and quickly. In five years or less, these plans and hardworking Americans will have nothing to fall back on.
“This crisis is severe and gets worse every day,” Sen. Chuck Grassley said back in November 2019 when he drafted a plan that would rescue over 10,000 Iowans and 1.3 million workers and retirees from the devastating effects of the multi-employer pension crisis.
It has been over five months since we heard that — more than 150 days. We’re managing to get by, but we need major pension reform if we are going to come out of this fight OK. We need Congress to restore hope so our retirees can see a brighter future.