06.18.15

U.S. Senator Tammy Baldwin Champions the Keep Our Pension Promises Act

WASHINGTON, D.C. – U.S. Senator Tammy Baldwin today signed on as an original cosponsor of a bill that reverses deep pension cuts for retirees and workers in multi-employer pension plans. The Keep Our Pension Promises Act will protect the pensions of up to 10 million Americans.

“We should respect the hard work of American workers and make sure the promises made to them are kept,” said Senator Baldwin. “A secure retirement is a central pillar of economic security for the middle class.”  

The Keep Our Pension Promises Act preserves multi-employer pensions, in which hundreds of companies have banded together to manage and provide pension benefits for their workers. These less-common retirement plans differ from single employer plans, where one company sets up a pension plan for their workers only.

In addition, the legislation establishes a legacy fund within the Pension Benefit Guaranty Corporation to make sure that multi-employer pension plans can continue to provide pension benefits to every eligible American for decades to come. This legislation is paid for by eliminating a loophole in the estate tax and a tax break on sales of expensive art and other collectibles.

The bill was introduced by U.S. Senator Bernie Sanders (I-VT) and is also co-sponsored by U.S. Senator Sherrod Brown (D-OH). The bill was also introduced yesterday in the House by Representatives Marcy Kaptur (D-OH) and Tim Ryan (D-OH).