LIUNA is committed to ensuring the retirement security of our members and their families. Hundreds of thousands of LIUNA members depend on our network of multi-employer pension funds. Unfortunately, Congress more than doubled the Pension Benefit Guaranty Corporation (PBGC) premium rates in the Multi-employer Pension Reform Act of 2014.
Additional increases in rates would drive more employers out of the pension system and undermine the support of contributions-generating active workers who are, in effect, taxed three times every year by the PBGC: once for themselves, once for inactive vested workers, and once for retirees.
LIUNA also strongly opposes some other destructive ideas for diverting resources to the PBGC’s unfillable hole including: “PBGC membership fees” imposed on every worker covered by a multi-employer pension fund; more surcharges on contributing employers; and per-member taxes on unions sponsoring multi-employer pension funds. We are also committed to ensuring the retirement security of all working people by fighting against cuts to Social Security and Medicare.