Benefits & Executive Compensation News

Democrats Pack Pension Relief in Virus Aid Bill GOP Opposes

May 13, 2020, 3:04 PM

The pension funding changes House Democrats wove into their latest virus relief bill offer something for everyone except rescue-averse Senate Republicans, policy professionals said.

Senate Majority Leader Mitch McConnell dismissed the broader $3 trillion spending package House Democrats dubbed the Health and Economic Recovery Omnibus Emergency Solutions Act as political theater. He has repeatedly blocked consideration of the House-passed Butch Lewis Act, which is designed to bolster underfunded multiemployer pension plans by providing 30-year, Treasury-backed loans.

Observers predicted that GOP leaders, who have previously advocated for benefit cuts and rate hikes on financially distressed multiemployer plans, would never support...

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