[Congressional Record Volume 165, Number 162 (Tuesday, October 15, 2019)]
[Senate]
[Page S5798]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

       By Ms. BALDWIN:
  S. 2598. A bill to require the payment of user fees by qualified 
professional asset managers seeking an individual exemption from 
certain requirements; to the Committee on Health, Education, Labor, and 
Pensions.
  Ms. BALDWIN. Mr. President, I introduce my legislation today to help 
shore up the government's insurance plan for these pensions. The 
Pension Stability Act would add funding to the Pension Benefit Guaranty 
Corporation's multiemployer program by imposing a fee on financial 
firms that are convicted of financial crimes.
  This weekend, I was in Endeavor, WI. I was meeting there with 
retirees who meet once a month at the fire station in order to update 
one another on the progress here in Washington. In the months since the 
House passed the Butch Lewis Act, there hasn't been much progress to 
speak of. The Senate hasn't taken up the bill, and no other proposals 
have been presented. All the while, retirees and workers in the Central 
States Pension Fund continue to doubt their retirement security.
  If Washington does not act, workers and retirees face massive cuts to 
the pensions they have earned over decades of hard work. I have come to 
the floor many times over these past 3\1/2\ years to remind this body 
about the retirees who stand to lose 50 percent--some more than 50 
percent--of their pensions if Washington fails to act. Since then, 
nothing has been done, so I am here to, once again, remind my 
colleagues that this is about a promise that must be kept.
  This is about a promise made to Bob Brockway, who stands to lose more 
than half of his monthly pension. Bob retired in 1999. He has made the 
trip to Washington to be a part of the solution even though Margie, his 
wife, would rather he stayed at home. He also organizes the meetings 
that are held every month in Endeavor.
  This is about a promise made to Thomas from Hartland, WI. Thomas is a 
72-year-old retired semitruck driver and an Army veteran.
  He is also a cancer patient, and his wife has significant medical 
bills.
  Thomas wrote to me this summer. He said:

       I've put many, much-needed home repairs on hold since this 
     whole mess started. We have had no vacations or any other 
     extravagances since I retired. We did nothing wrong. We paid 
     into Central States and somehow the government dropped the 
     ball.

  This is about a promise made to Donald and his wife Janet in Beaver 
Dam, WI. Donald wrote to me to tell me the following:

       After 25 years working at a company where I earned a 
     pension as part of a wage and benefit package, I retired. I 
     retired four years ago because my body wouldn't let me 
     perform tasks in the factory that could more easily be 
     performed in my younger years. My pension and Social Security 
     allow me to pay for heat, electricity, food and maintenance 
     on my home. A 50 percent reduction in my monthly pension 
     payment would mean we could no longer afford visiting our 
     children or grandchildren, buying Christmas and birthday 
     gifts, or seeing an occasional movie. And without this 
     pension, I doubt we could afford the most basic of household 
     expenditures.

  This is about a promise made to Mary in Greenfield, WI. Mary wrote to 
tell me the following:

       My story is simple. In November 2014, my husband passed 
     away. In December, I learned the bad news about my pension. 
     Worrying all this time has taken its toll. What will I be 
     able to afford? I will probably have to move. I need a new 
     car, but that's on hold. The list goes on. I am turning 70 in 
     a few days and I never thought at this age I would have to 
     worry about how I will survive.

  If Washington does not act, we will be breaking a promise made to 1.5 
million retirees nationwide. Pension promises must be kept. So once 
again I will say: Washington needs to act, and we need to do it now.
                                 ______