Sen. Heitkamp Announces Bill to Protect ND Pensions; Keep Promise to ND Workers & Retirees of Secure Retirement
Workers and retirees also shared personal stories to explain that if
The bill would put the pension plans back on solid footing so current workers, retirees, and employers have the security of knowing their pensions will be available for decades to come, without cuts. Heitkamp is pushing
"These workers and retirees followed the rules and did everything right. They worked for years, if not decades, in jobs that took tolls on their bodies, saving for retirement the whole way and expecting those savings to be there for them. Now, through no fault of their own, the rug will be pulled out from under them," said Heitkamp. "If
"My husband, Mike, worked as a
"As workers, many of us
"This fight is about dignity and justice for workers and retirees who worked hard and played by the rules, only to have their hard earned pensions ripped away from them," said
"Before working as a
"During my 27 and a half years as a driver for
The Butch Lewis Act would:
Provide financing to put failing pension plans back on solid ground to ensure they can meet their commitments to retirees today and workers for decades to come.
Prevent a single dollar of cuts to benefits retirees have earned.
Put safeguards in place so pension plans remain strong so they will be there for today's workers when they retire.
Specifically, the bill would allow the
If the Central States Teamsters Pension Plan and other pension plans are allowed to fail, not only will employers no longer be able to pay promised benefits, but taxpayers would be at risk of having to pay billions when the
Background
Heitkamp has been working with the
Last year, those workers and retirees faced pension cuts of up to 60 percent under a plan to restructure the multiemployer pension plan, which is no longer solvent. After pressure from Heitkamp and workers across the country,
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