Delphi Retirees Pension Restoration Act

Bill 119 HR 1895, also known as the "Butch Lewis Act of 2019," aims to increase the benefits guaranteed in connection with certain pension plans. The bill specifically targets multiemployer pension plans that are facing financial challenges and are at risk of insolvency.

The key provisions of the bill include the establishment of the Pension Rehabilitation Administration, which would provide low-interest loans to financially troubled multiemployer pension plans. These loans would help these plans meet their obligations to retirees and ensure the long-term sustainability of the pension system.

Additionally, the bill would increase the benefits guaranteed by the Pension Benefit Guaranty Corporation (PBGC) for participants in multiemployer pension plans. This would provide greater financial security for retirees who rely on these pension plans for their retirement income. Overall, the Butch Lewis Act of 2019 seeks to address the growing crisis facing multiemployer pension plans and ensure that retirees receive the benefits they have earned. The bill has garnered bipartisan support in Congress and is seen as a crucial step towards protecting the retirement security of millions of Americans.