BAC Legislative Alert 

 

 Please join me in contacting your member of congress and ask them to support the "Promoting American Jobs and Closing the Tax Loopholes Act."  This legislation contains vital language that will give our pension plans the relief necessary to deal with the losses of the past few years. Below are some talking points you can use to get the message across.  

Please pass this message along to your members and contractors. We all have a stake in securing the jobs and retirement security of the millions of Americans covered by multiemployer defined benefit pension plans. Please call your members of Congress before  the Memorial Day recess  and urge them to support the Promoting American Jobs and Closing Tax Loopholes Act of 2010 (HR 4213).

Talking Points?        

 - HR 4213 - “Promoting American Jobs and Closing Tax Loopholes Act of 2010” will be voted on  soon.      

 - It provides limited, targeted relief to help all pension plans – corporate and multiemployer plans   - weather the massive losses suffered in the 2008 economic crisis.        

 - It is not a “bailout”- to the contrary, it merely provides more time to plan sponsors to meet their funding  obligations.       

 - Over 90% of contributing employers to multiemployer plans are small employers who provide well paying, middle class jobs with pension and health benefits – the kind of jobs that must be preserved if our economy is to recover.       

 - Before the “Great Recession” of 2008, multiemployer plans were, on average  over 90% funded.  The relief measures included reduce the risk to all stakeholders – participants, sponsors and the PBGC by enabling employers to remain competitive and generate hours of contributions that fund these plans.       

 -The PPA zone certification and notice deadlines for many plans have already passed.  In the absence of such relief Boards of Trustees’ must adopt funding improvement and rehabilitation plans that are being incorporated into collective bargaining agreements being negotiated every day.        

 - These plans must meet funding targets that include unnecessarily high contribution rates and deeper than necessary benefit cuts that cannot be restored under current law- all of which could be avoided with this relief.

There can be no further delays!        

 HR 4213 must be passed now!