Haley Stevens: “Today I join Senator Murkowski in introducing a measure that will fix a problem with the pension limits in section 415…”

“Today I join Senator Murkowski in introducing a measure that will fix a problem with the pension limits in section 415 of the tax code as they relate to multiemployer pension plans. This is a problem I have been trying to fix for years, and I hope we can resolve this issue during this Congress. Section 415, as it currently stands, deprives workers of the pensions they deserve. In 1996, Congress addressed part of the problem by relieving public employees from the limits of section 415. It is only proper that Congress does the same for private workers covered by multiemployer plans. Section 415 negatively impacts workers who have various employers. Currently, the pension level is set at the employee's highest consecutive 3-year average salary. With fluctuations in industry, sometimes employees have up and down years rather than steady increases in their wages. This can skew the 3-year salary average for the employee, resulting in a lower pension when the worker retires.”