Bill Pascrell: “For years, multiemployer pension plans offered working-class Americans something almost priceless: a nest egg for their…”

“For years, multiemployer pension plans offered working-class Americans something almost priceless: a nest egg for their retirement. This security was provided through collective bargaining benefit plans. Workers put in their own hard-earned dollars--they did not fall down on their obligations--for the promise of a safe and secure retirement. Workers entered into a contract. You know what a contract is? Industry deregulation, the decrease in the unionized workforce after decades of concerted political attacks, and the devastating--the other side had the House of Representatives for so many years in the last 20 years; they never even introduced a labor bill. What are they talking about--bipartisan? This means almost 200 multiemployer plans are projected to fail. Some of them are going to be in your district, in your district. Plans are projected to fail, many within the next 10 years. Mr. Speaker, 1.3 million are at risk. The SPEAKER pro tempore. The time of the gentleman has expired.”