Why Must The NUCPP Continue to Stay Involved?
The Butch Lewis Emergency Pension Plan Relief Act (BLA) was passed in March 2021, thanks to the grassroots efforts of thousands of retirees and active union members. It was intended to protect the pensions of 10 million members and rescue the retirees’ pensions of underfunded multiemployer pension plans. However, the BLA is only a mandate to support these pension plans. The PBGC is responsible for setting the rules and providing the funds. The process could take up to a year and a half to implement into law and for all of the Funds to receive their money. That is why it is necessary for the NUCPP to act as a ‘watchdog’ until the Central States Pension Fund and the other underfunded plans become solvent by receiving their funds from the PBGC.
The NUCPP will continue to advocate for proper rules and adequate funding for every fund that qualifies and will work with those members until their pensions are restored and their funds are solvent, thus also helping the 211,000 employers in multiemployer plans. Finally, NUCPP gives retirees and active workers a permanent voice with Congress, CSPF, PBGC, IBT and other unions by having a seat at the table with these entities.
In the watchdog role, there is a dedicated core group of NUCPP leaders that want to see this through to the end!
