We oppose the GROW Act, the composite multi-employer pension proposal buried in the HEROES Act.
Composite plans will put worker and retiree benefits at risk. They would undermine existing plans and put our pension plan in danger.
They also threaten the Pension Benefit Guaranty Corporation, the agency created as a backstop for troubled pension plans.
Composite plans would drain money from existing pension plans to pay for new composite plans.
- Shifting contributions leaving neither plan with enough money to pay promised benefits.
- Both the existing plan and the composite plan would lack sufficient resources
- Workers and retirees would be subject to massive benefit cuts.
The IBEW supports legislation to preserve healthy multiemployer plans. The unemployment and economic devastation caused by the coronavirus pandemic exacerbates the urgent need for Congress to act.
But composite plan legislation would further harm workers in the middle of a deepening economic calamity.
We strongly urge Speaker Pelosi to pull the GROW Act out of the HEROES Act before it’s voted on.
Please call our members of Congress and ask them to urge Speaker Pelosi to weed out the GROW Act from the HEROES Act. (Click here to find your member of Congress.)
Congressmember Susan Davis: 619-280-5353
Congressmember Mike Levin: 760-599-5000
Congressmember Scott Peters: 858-455-5550
Congressmember Juan Vargas: 619-422-5963 | 760-312-9900