WASHINGTON – Today, Representatives Chrissy Houlahan (D-PA) helped pass the Butch Lewis Act, which she also cosponsored. The legislation aims to save the pensions of at least 1.3 million workers and retirees across the country. The bill passed the House 264-169.

“In Pennsylvania, 1,344 people are at risk of losing their pensions,” said Houlahan. “This is unacceptable. These Pennsylvanians, through their hard work, have earned those pensions. I cosponsored and voted to pass the Butch Lewis Act for those Pennsylvanians and for the simple reason that you should reap the benefits of your hard work. I’m inspired by the many Labor organizations that have reached out to our office about this important legislation – your advocacy was heard, and I’m proud to deliver this win for the workers in our community.”

“Boilermakers Local 13, which covers Eastern Pennsylvania, and New Castle County, Delaware, is pleased that Congresswoman Chrissy Houlahan is standing with us by working to pass, and cosponsoring, H.R. 397, the Rehabilitation for Multiemployer Pensions Act, commonly known as ‘The Butch Lewis Act’,” said John Bland, Business Manager of Boilermakers Local 13. “This bill is the common sense legislation that we’ve asked from congress, to allow us to protect our pensions for current recipients, and future recipients, by allowing defined benefit pensions that are in trouble from underfunding to have a chance to keep the promises made to workers who have done the right things during their working careers, by setting aside money to plan for the future of life after work.”

The Butch Lewis Act would:

-Keep pension promises, keep money in the pockets of retirees who rely upon it, and guarantee pension benefits into the future.

-Create a new office within the Treasury Department, which would be called the Pension Rehabilitation Administration (PRA). The Pension Rehabilitation Administration would allow pension plans to borrow the money they need to remain solvent and continue providing retirement security for retirees and workers for decades to come. The money for the loans and the cost of running the Pensions Rehabilitation Administration (PRA) would come from the sale of Treasury-issued bonds to financial institutions.  The PRA would sell Treasury-issued bonds in the open market to large investors such as financial firms.  The PRA would then lend the money from the sale of the bonds to the financially troubled pension plans. To ensure that the pension plans can afford to repay the loans, the PRA would lend them money for 30 years at low interest rates.  The 30-year loans would buy time for the pension plans so they can focus on investing for the long-term health of the plan, while the loans pay benefits owed to current retirees.

Houlahan is an Air Force veteran, an engineer, a serial entrepreneur, an educator, and a nonprofit leader. She’s in her first term representing Pennsylvania’s 6th Congressional District, which encompasses Chester County and southern Berks County. She serves on the House Armed Services Committee, the House Foreign Affairs Committee, and the House Small Business Committee.

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