The total number of workers at risk is 1.2 million. In my union, the United Steelworkers (USW), 100,000 are threatened. Daryl A. Bugbee of Olivet, Mich., is one of them. He wrote Congress’ Joint Select Committee on Multiemployer Pensions on Aug. 8:
“I am the father of a special needs child who will always need assistance. Without my pension, I will not be able to help meet his needs.”
Workers like Daryl count on that money. Most didn’t earn enough to invest in stocks or a 401(k) for retirement. The pension was everything.
Now, they’re vulnerable because 8 percent of multiemployer pensions are collapsing. This is not the workers’ fault. Often, it’s not even the employers’ fault. It’s because of economic forces that couldn’t be predicted and Congressional decisions to deregulate Wall Street and ignore trade violations.
Now, these workers are justifiably looking to Congress for help. Daryl pleaded, “I am writing to urge you to take action needed to restore the failing pension plans.”
Congress could help. It moved in that direction by establishing the Joint Select Committee on Multiemployer Pensions. The committee set a deadline of Nov. 30 to recommend a solution. But after researching for a year and conducting five hearings, the committee appears paralyzed. That’s no help to Daryl and 1.2 million other working and retired people facing financial crisis.
“Please adopt legislation that would protect our benefits,” Daryl implored.
Legislation was introduced last year that would protect the pensions. It’s called the Butch Lewis Act. It would enable the Treasury Department to sell bonds to finance long-term low-interest loans to the troubled pension plans. That’s what Daryl and the 300 other USW members who wrote the Joint Select Committee this year want. Or something similar. They won’t nitpick. They’re scared.More ...