Multiemployer pension plans are no strangers to political threat – especially those plans that are in poor financial health, which are frequent targets from anti-union politicians. However, the threat posed by currently proposed legislation would not only damage plans facing financial challenge, but would do even more devastating damage to plans like the Western Conference of Teamsters Pension Trust (WCTPT): plans that are in strong condition, in the “green zone.” This new proposed legislation, called the GROW Act, must be stopped in its tracks. Teamsters Joint Council 28 is calling on all Teamsters to come together to put an end to this awful legislation.
The GROW Act, which stands for “Give Retirement Options to Workers,” is little more than a cover that would allow employer participants in multiemployer plans to shift all the risk from themselves directly onto the employee members of the plan. The GROW Act, which cannot be used by “red zone” plans and would therefore do absolutely nothing to help financially troubled multiemployer plans, would change the rules for these pension plans in a way that weakens the system as a whole and threatens our retirement security.
Please click on the link to learn more about this potentially devastating legislation and how we can help stop it!