Katko seeks solution to ongoing multiemployer pension crisis

U.S. Rep. John Katko (R-NY) recently led a bipartisan delegation of New York colleagues in requesting that congressional leadership address the nation’s multiemployer pension crisis.

“There is demonstrated interest in both the House and Senate in addressing this issue in a bipartisan manner, and now is the time to act,” Rep. Katko said on Feb. 13.

The New York delegation pointed out in a Jan. 31 letter sent to leaders in both chambers that the New York State Teamsters Conference Pension and Retirement Fund and the Road Carriers Local 707 Pension Fund have had benefits slashed due to funding shortfalls in their multiemployer pension plans.

For instance, the New York State Teamsters Conference Pension and Retirement Fund plan cut benefits to current retirees by 29 percent, while Local 707 retirees had their benefits decreased by more than 70 percent, according to the letter signed by Rep. Katko and members including U.S. Reps. Tom Reed (R-NY), Elise Stefanik (R-NY), and Kathleen Rice (D-NY).

“In December 2017, we wrote to House and Senate Leadership to express our significant concern over the crisis facing multiemployer pension plans across our country and the urgent need to solve this issue in a meaningful, bipartisan way,” wrote Rep. Katko and his colleagues. “Since that time, the crisis has only worsened, resulting in more Americans, including many of our constituents, facing potential benefit cuts.”

Noting that both chambers have taken up efforts to develop a bipartisan solution, they urged both houses of Congress to address the issue.

“While we were heartened to see that the year-end spending agreement will ensure miner’s pensions remain solvent, it is imperative that Congress acts immediately to address this growing crisis for the rest of the workforce and prevent further benefit cuts to our constituents in New York and retirees all across the country,” according to their letter.

Rep. Katko said in a separate statement that the lack of a long-term solution has affected hundreds of retired Teamsters and their families in his central New York district.

“Since I first came to Congress I’ve urged a comprehensive, bipartisan and bicameral approach towards finding a solution, and I’m calling on leadership in the House and Senate to take action on a legislative fix,” he said.