While the House and Senate debate the various provisions of a proposed COVID relief bill, the multiemployer plan relief provisions in the House bill released two weeks ago have changed. Representative Richard Neal (D-MA), chairman of the Ways and Means Committee of the House, made alterations to his prior bill so that it would better accompany the COVID relief bill that intends to pass by a voting process that only requires a simple majority in the Senate and is filibuster-proof. At the time of this release, Democrats apparently have the votes to pass this bill in both the House and Senate.
This bill, known as the Butch Lewis Emergency Pension Plan Relief Act, will provide the much needed relief to the plans that are struggling financially, and do so without imposing a major burden on the rest of the multiemployer system. Primary provisions for multiemployer plans are detailed in the Legislative Update.