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Heitkamp Pushes Congress to Reform Pension Insurance, Pass Butch Lewis Act

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2018-05-17: U.S. Sen. Heidi Heitkamp pushed Congress to reform pension insurance in the third hearing of the 16-person bipartisan, House and Senate Joint Select Committee tasked with solving the crisis facing multiemployer pension plans across the country, including threatening 2,000 North Dakotans and 400,000 pension fund participants nationwide who paid into the Central States Pension Fund. If the Central States Pension Plan and other pension plans are allowed to fail, not only will employers no longer be able to pay promised benefits, but taxpayers would be at risk of having to pay billions when the PBGC becomes insolvent. Currently, the PBGC’s multiemployer insurance program has a deficit of $65 billion and could fail in just a few years without Congressional action.
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