The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jul 24, 2019. The Butch Lewis Act is part of a Covid-relief package that is slated for a full House vote by the end of February. Still, you might say, “So what? By joining our advisory group, you can help us make GovTrack more useful and engaging to young voters like you. It’s a bill that lawmakers expect will help stabilize the multiemployer pension plans that are in danger of insolvency. Required fields are marked *. That’s only getting over the first hurdle towards enactment. Super Moderator. Congressional Democrats have their heartfelt policy priorities, and they have their cold, hard political realities. To receive a loan, a plan must be either in critical and declining status (including any plan with respect to which a suspension of benefits has been approved) or insolvent, if the plan became insolvent after December 16, 2014, and has not been terminated. Visit us on Twitter In the relief package was a bill that Senator Sherrod Brown has been working on for six years, The Butch Lewis Act. You’re more than a vote, so support GovTrack today with a tip of any amount: Or keep using GovTrack for free! The Butch Lewis Act would address the pension crisis by creating a new office within the Treasury Department called the Pension Rehabilitation Administration (PRA). After Rush Limbaugh’s death last month, Republican resolution would honor his legacy, After Biden banned private prisons on a federal level, the Justice is Not for Sale Act would ban…, Comedy video series ‘Congressional Hits and Misses’ compiles Congress’s funniest moments of the…. Now we’re on Instagram too! THE BUTCH LEWIS EMERGENCY PENSION PLAN RELIEF ACT OF 2021 Feb 12, 2021 | News URGENT ALERT – PENSION RELIEF The 50 vote solution can restore your benefits if you insist that Congress acts immediately! AFL-CIO - 7 hours 44 min ago. Your note is for you and will not be shared with anyone. You should not believe that Democratic support in the House, the Senate and the White House is already certain. If you’ve visited a bill page on GovTrack.us recently, you may have noticed a new “study guide” tab located just below the bill title. © 2021 Minnesota – Duluth Committee. Treasury must issue bonds to fund the loan program and transfer amounts equal to the proceeds to the trust fund established by this bill. Our public interest mission means we will never put our service behind a paywall. GovTrack.us is not a government website. … The Butch Lewis Act also provides single-employer plan funding relief by extending the amortization period for funding shortfalls and the pension funding stabilization percentages, along with modifying the special rules for minimum funding standards for community newspaper plans. The Congressional Budget Office (CBO) estimated that taxpayers would be responsible for roughly $70 billion over 10 years. The opening bid from congressional Democrats to address this process was the Butch-Lewis Act (H.R. Follow @govtrack.us on Instagram for new 60-second summary videos of legislation in Congress. [i] For 2021, the Section 415 (c) annual contribution limit is $58,000, the Section 415 (b) (1) (A) annual DB limit is $230,000, and the Section 401 (a) (17) annual compensation limit is $290,000. This bill establishes the Pension Rehabilitation Administration within the Department of the Treasury and a related trust fund to make loans to certain multiemployer defined benefit pension plans. The Butch Lewis Act in the United States Senate On July 24 th, 2019, the Butch-Lewis Act (the “Bill”) was read twice in the U.S. Senate and referred to the Senate Committee on Finance (the “Committee”).The next steps are as follows: If the Committee Chair puts the Bill on the agenda for formal consideration, the Bill will go through a mark-up process in the Committee. Supporters of the Butch Lewis EPPRA must convince Democrats in the House and Senate that the Butch Lewis EPPRA is good policy and good politics. This is a project of Civic Impulse, LLC. You should not believe that Democratic support in the House, the Senate and the White … Mar 8, 2021, Should public governments use private prisons? Yesterday, the House Ways and Means Committee sent the Butch Lewis Emergency Pension Plan Relief Act of 2021 (Butch Lewis EPPRA) to the House Budget Committee. The PRA would allow pension plans such as the CSPF to borrow money needed to remain solvent and continue providing security for retirees and workers for the decades to come. The federal stimulus package, which includes $1,400 checks for many Americans and increased funding for vaccines, also holds the Emergency Pension Plan Relief Act of 2021 (EPPRA), an update to the Butch Lewis Act. The Rehabilitation for Multiemployer Pensions Act (HR 397), also known as the Butch Lewis Act, was introduced January 9, 2019 and passed the House on July 24, 2019. Staff member. Kamp said the Butch Lewis Act is a better solution because it builds on the proven (though sometimes controversial) concept of pension obligation bonds (POBs). We hope that with your input we can make GovTrack more accessible to minority and disadvantaged communities who we may currently struggle to reach. Support Truckingboards. On the same day, PBGC Director Gordon Hartogensis issued a statement calling for Congress to enact a bipartisan, long-term solution on the multiemployer pension system. 397), in various iterations. This is part of a new project to develop better tools for bringing real-time legislative data into the classroom. Supporters of the Butch Lewis EPPRA should remain anxious and diligent. The Democrats control the Congress and the White House.” But Republicans’ opinions matter to Democratic members of Congress. It would create an agency under the Treasury Department that would sell bonds in the open market to large investors such as financial firms. The bill includes provisions from the previously introduced Butch Lewis Act and other provisions designed to address the worsening multiemployer pension crisis. In 2019, the Ways and Means Committee and the full House both passed Neal’s Rehabilitation for Multiemployer Pensions Act, also known as the Butch Lewis Act. Please join our advisory group to let us know what more we can do. Then the bill will head to the Senate for consideration. Young Americans have historically been the least involved in politics, despite the huge consequences policies can have on them. Would you like to join our advisory group to work with us on the future of GovTrack? On Saturday, the COVID Relief package passed in the Senate chamber, inclusive of the Butch Lewis Emergency Pension Plan Relief Act provision. GovTrack.us is an independent website tracking the status of legislation in the United States Congress and helping you participate in government. The Butch Lewis Act of 2021 strives to address the plight of multiemployer and single-employer pension plans in the wake of COVD-19. The Pension Rehabilitation Administration may use the funds, without a further appropriation, to make loans, pay principal and interest on the bonds, or for administrative and operating expenses. Take nothing for granted – you won’t really know whether you have the support of enough Democrats to pass the Butch Lewis EPPRA until the votes are counted. If you can, please take a few minutes to help us improve GovTrack for users like you. We hope to make GovTrack more useful to policy professionals like you. Join 10 million other Americans using GovTrack to learn about and contact your representative and senators and track what Congress is doing each day. We’re looking to learn more about who uses GovTrack and what features you find helpful or think could be improved. Women's History Month Profiles: Royetta Sanford. You’ve cast your vote. Thread starter Kennesaw Kid; Start date Yesterday at 2:16 PM; March Server Bill. Democrats proposed the Butch Lewis Act in 2019 that would create a fund to make “loans to certain multi-employer defined benefit pension plans” through the Treasury Department. Keep making those appreciative, positive calls to Democrats. Extended amortization for single employer plans (section 9705): The legislation would set all previous plan … Donor benefits ; Kennesaw Kid Well-Known Member. March Server Bill $293.00 Expenses. That’s only getting over the first hurdle towards enactment. Mar 5, 2021, How do you create political comedy about Congress during a week when domestic insurrectionists attacked the U.S. Capitol Building and five… Mar 4, 2021. WASHINGTON, DC— This afternoon, Ways and Means Committee Chairman Richard E. Neal (D-MA) will introduce the Emergency Pension Plan Relief Act of 2021 – an updated version of the Butch Lewis Act – legislation to address the worsening multiemployer pension crisis that threatens the savings of more than a million American workers and retirees. Reopening schools with AFT President Randi Weingarten. We love educating Americans about how their government works too! Please help us make GovTrack better address the needs of educators by joining our advisory group. Along a largely party-line vote, the House passed H.R. The “Butch Lewis Act of 2017” and its House companion bill “The Rehabilitation of Multiemployer Pensions Act," introduced by Senator Sherrod Brown, provide an innovative way to avoid retiree benefit reductions by providing relief to financially-troubled plans.