Lawmakers vow to craft multiemployer pension reform proposal

Source: U.S. Senate Joint Select Committee on the Solvency of Multiemployer Pension Plans

After a November 30 deadline for submitting a proposal addressing a funding crisis engulfing multiemployer pension plans, Senior Senators Orrin Hatch (R-Utah) and Sherrod Brown (D-Ohio) have committed to pursuing a bipartisan solution. In a statement, they indicated that efforts of Joint Select Committee they co-chair will carry on:

“The problems facing our multiemployer pension system are multifaceted and over the years have proven to be incredibly difficult to address. Despite these challenges and a highly-charged political environment, we have made meaningful progress toward a bipartisan proposal to address the shortcomings in the system to improve retirement security for workers and retirees while also providing certainty for small businesses that participate in multiemployer plans,” they affirm. “We understand that the longer that these problems persist, the more burdensome and expensive for taxpayers they become to address, and we are committed to working toward a final agreement as quickly as possible. We believe a bipartisan solution is attainable, and will continue working to reach that solution.”


Related articles

Lawmakers tie hybrid plans to multiemployer pension system reform

Multiemployer Pension law frees union local to cut plan benefits, avert fund insolvency