House Democrats will bring a $64.4 billion measure that would provide financial lifelines to union pension plans to the floor next week, <em>Roll Call</em> reported. House Majority Leader Steny H. Hoyer (D-Md.) and House Ways and Means Chairman Richard E. Neal (D-Mass.), the bill’s author, yesterday confirmed the schedule for the legislation, which has gone through the Ways and Means as well as Education and Labor panels. The Congressional Budget Office estimate released last week outlined expected costs over the next decade for the measure, which would provide low-interest, 30-year loans to cash-strapped multiemployer pension plans. That was, however, before the number of plans eligible for assistance was increased through changes in a substitute amendment. About 130 pension plans covering more than 1 million workers are projected to become insolvent over the next 20 years. Even before then, by 2025, the Pension Benefit Guaranty Corporation is expected to run out of funds to fulfill its role of assisting failing and failed union plans to make benefit payments.
