Sen. Heitkamp Fights to Protect Pensions of ND Workers & Retirees; Updates Fargo Pensioners on New Bipartisan Congressional Committee She Was Appointed to With Goal to Solve Pension Crisis by Year’s End
During a monthly meeting of the Fargo
Over the next several months, the congressional committee will hold five public hearings and at least one field hearing, including hearings focused on retirees, current workers, and small businesses. The committee also plans to hear directly from
For years, Heitkamp has stood with
"This committee shoulders an important responsibility - to protect the hard earned pensions of workers and retirees who did everything right by working for decades to support their families and putting into their pensions to save for retirement. But now, through no fault of their own, their pensions could be taken away and it isn't fair or right," said Heitkamp. "I fought to be appointed as one of just 16 members of
"It means so much to us to have
The Committee is made up of 16 members who were appointed by
Heitkamp helped secure the creation of the Committee as part of the overall budget compromise that
Heitkamp has long been working with workers and retirees across
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.
If the Central States 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 had been working with the
In 2016, 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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