Letter from Paul Ryan about CSPF, info I didn't know,
Dear,
Thank you for contacting me about multiemployer pensions, H.R. 2844, and H.R. 4029. I appreciate you taking the time to let me know your views on these important issues.
As you may know, Representative Marcy Kaptur introduced H.R. 2844, the Keep Our Pension Promises Act on June 19, 2015. This bill would repeal a provision of the Multiemployer Pension Reform Act of 2014 that allows pension fund trustees to reduce certain pension benefits when attempting to provide relief to distressed multiemployer pension funds. It would also amend the Employee Retirement Income Security Act of 1974 (ERISA) by establishing a legacy fund that would use $30 billion in taxpayer funding to provide relief to distressed multiemployer plans. On June 19, 2015, H.R. 2844 was referred to the House Committee on Education and Workforce, the House Committee on the Judiciary, and the House Committee on Ways and Means. This bill is currently pending in these committees.
You also mentioned H.R. 4029, the Pension Accountability Act. As you may know, Representative Dave Joyce introduced H.R. 4029 on November 17, 2015. This bill would amend ERISA and the Internal Revenue Code of 1986 to change the rules for voting to suspend benefits under multiemployer pension plans in endangered or critical status. Specifically, this bill would provide that, when a plan has been deemed to be in an endangered or critical status, a benefit suspension would automatically go into effect unless a majority of the plan participants and beneficiaries who cast a vote on the issue vote to reject a suspension. This bill would also prevent the Department of the Treasury from overriding such a vote to reject a suspension. On November 17, 2015, this bill was referred to the House Committee on Education and the Workforce, and the House Committee on Ways and Means. It is currently pending in these committees.
Thank you again for contacting me about these important issues. Please know that I am aware of your concerns, and will keep them in mind as I continue to follow this issue and these pieces of legislation closely. Your thoughts and recommendations will be especially helpful as I work with my colleagues on the important issues facing the 114th Congress.
In the meantime, if you wish to share additional information with me concerning these issues, please feel free to contact me by calling, emailing, writing, or faxing me. Please be advised that mail sent to my Washington office is subject to an additional two-week delay due to increased mail security.
If I can be of further assistance to you regarding this or any other matter, please do not hesitate to contact me. I am always happy to respond and be of service to you.
Sincerely,
Paul D. Ryan
Serving Wisconsin's 1st District