The Keep Our Pension Plan Promises Act (KOPPA), is being reintroduced by Senator Bernie Sanders on May 9th, and it repeals the elimination of anti-cutback provisions under the Multiemployer Pension Act of 2014 (MPRA). Put plainly, this legislation prohibits cuts in benefits to participants in multiemployer pension funds just like the AFM-EPF.
The bill pays for itself by closing a tax loophole that primarily benefits wealthy individuals and their estates. This legislation also strengthens multiemployer pension plans, provides funding to help protect retirees and the PBGC. It also protects employers by making them less likely to become responsible for underfunded "orphans" of plans that have had to leave multiemployer pension funds due to bankruptcy. This bill presents a solution to save multiemployer pension funds like the AFM-EPF through a shared sacrifice and not just placing the burden on plan participants by slashing benefits.
Musicians for Pension Security has been in contact with Senator Bernie Sanders and the Pension Rights Center. They have released to us the fact sheet below about KOPPA. The Pension Rights Center also stands firmly behind this bill. Their fact sheet, from 2015 can be found here. The version of KOPPA being re-introduced on May 9, 2017 is identical to the bill described on this page, except for one of the tax loopholes that will be closed. We will update this page as soon as the Bernie Sanders staff releases updated information.
Why is Bernie Sanders' KOPPA bill good for the AFM-EPF? This legislation prohibits cuts in benefits to participants in multiemployer pension funds, just like the AFM-EPF!
Next week, Musicians for Pension Security will release a detailed Action Plan to support KOPPA.
*all information sourced from Bernie Sanders' Senate Office
Further reading about the Keep Our Pension Promises Act:
COMPLETE TEXT, HISTORY AND SUMMARY OF KOPPA FROM GOVTRACK.COM
"WHY THE KEEP OUR PENSION PROMISES ACT MUST BE PASSED" ARTICLE PUBLISHED BY PRC ON JUNE 18, 2015
BERNIE SANDERS' KOPPA PRESS RELEASE FROM 2015
BERNIE SANDERS KOPPA FLOOR SPEECH