The Machinists Union along with Majority Leader Chuck Schumer led the way in fighting to save troubled multiemployer pension plans while fully protecting the earned and vested benefits of current and future retirees. While the majority of multiemployer pension plans are financially sound, the Pension Benefit Guaranty Corporation (PBGC) estimates that more than 100 multiemployer pension plans, covering more than a million participants, are in “critical and declining status” and will become insolvent without the ability to pay the earned benefits of current and future retirees. The recent passage of the American Rescue Package includes the Butch Lewis Emergency Pension Plan Relief Act.
https://www.youtube.com/watch?v=YQdkcjuSOZIAs Black History Month comes to a close, it’s important to remember early African American pioneers in the labor movement. It’s also a great time to shed light on IAM’s march for racial equality.