When it comes to pensions, Congress has been focusing on the major issue of failing plans. SMACNA needs our members to deliver the message to Congress that there is another multiemployer pension plan emergency as well.
As was previously stated in a Member Alert email sent out on September 25, Congress will be out of session until October 14. This is an excellent opportunity for SMACNA members to reach out to their Congressional delegations while at home in their respective districts.
Recent developments have led to the Democratic-controlled House passing a major pension rescue bill for failing multiemployer pension plans, but that plan is unlikely to pass the Republican-controlled Senate. All but certain of the fate of the major pension rescue bill, key players in the Senate continue to work hard on their own solution for failing plans.
SMACNA is fighting to make sure that Congress also takes action to consider and authorize Composite Plans as an option for plans with unfunded liabilities that are facing the same long-term risk in the future.
SMACNA urgently needs its members to drive home the message that members of Congress must understand the impact unstable plans will have in their districts if they don’t preemptively take action soon. You can make the case to your members of Congress that many other plans suffer the same long-term risks that have driven others to insolvency.
It is imperative that you get the employer message to Senators and Representatives EARLY and OFTEN by:
All of the information you need to contact your members of Congress can be found at contactingcongress.org. SMACNA has prepared talking points you can use when speaking with your members of Congress.