Long Island Teamsters met with Sen. Chuck Schumer and Rep. Peter King Tuesday to push for a bill that would allow federal-budget linked Treasury bonds to fund union pension shortfalls.
The bill, known as the Butch Lewis Act, would create a new office within the Treasury Department. The office’s duties would entail letting the plans borrow funds for any shortfalls with government-issued Treasury bonds to sell to financial institutions, Newsday reports.
The meeting between the two officials and Teamsters Local 707 was held in Hempstead, New York, where Schumer noted that 4,500 Long Island families, which includes more than 3,700 retirees, could have their pensions funded by the bill.
“These pensions are on the hook for billions and could collapse,” Schumer told Newsday. “We have an obligation to these folks. These people worked hard and never asked for much and should not be abandoned.”