U.S. House of Representatives Passes Pensions Bill

After advancing through committee earlier this month, the full House of Representatives moved to quickly pass the legislation (H.R. 397) to shore up multiemployer pensions at risk of insolvency, with a vote of  264-169 on July 24. The bill creates a Treasury agency to issue bond-backed loans to failing multiemployer pension plans. Since the legislation is similar to last session’s Butch Lewis Act, which was unable to garner Republican support, the bill’s odds of passage are currently slim. IWLA is monitoring the legislation as it is considered in the Senate.

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