Yesterday afternoon, Karen Friedman, Nancy Hwa and I hand-delivered more than 1,500 comments to the Internal Revenue Service. These comments were in response to the Treasury Department’s Request for Information on future guidance relating to the implementation of the Multiemployer Pension Reform Act of 2014, a law that for the first time allows the trustees of certain multiemployer pension plans to cut retiree pensions.
PRC’s Karen Friedman, Nancy Hwa and Joellen Leavelle deliver comments to Treasury Department.
The comments included personal stories as well recommendations on what information plans must provide when they apply for benefit cuts, how plans should notify workers and retirees about the proposed cuts, who can be appointed as a representative of retirees, input on the process to allow participants the ability to vote on the cuts, and much more.
Although the Treasury Department cannot change the law, the comments will help show how important it is that the law is as protective of retirees as possible.
These comments are only the FIRST step in the fight to repeal this law and protect retirees’ pensions. We’re working closely with members of Congress and will continue to keep everyone updated on expected legislation that would repeal the retiree cutback provisions in the Multiemployer Pension Reform Act of 2014. It is our hope that lawmakers in Washington will uphold the spirit of the Employee Retirement Security Act (ERISA) and protect current and future retirees from devastating cuts to their retirement security.