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COVID Relief Bill Includes Long-Sought Pension Rescue
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Mar. 3, 2021 | PENSIONS | The $1.9 trillion COVID-19 relief bill now pending in the Senate includes a long-sought measure to rescue the nation’s endangered multiemployer pension plans. The American Rescue Act, passed by the House Feb. 27, incorporates language from the Butch Lewis Act, sponsored by Sen. Sherrod Brown (D-Ohio). Named after the late leader of Teamsters Union Local 100 in Ohio, it would create a Treasury Department agency called the Pension Rehabilitation Administration that would sell bonds and use the proceeds to give 30-year loans to troubled pension plans, to enable them to pay all benefits owed to current workers and retirees and give them time to become solvent again… Labor Press Related – Hoffa: Senate must pass pension relief
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