Washington Post Editorial:
Will senators finally face up to the hard truth about pensions?
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Solutions not Bailouts
For decades, millions of working class Americans have relied on the hard-earned retirement benefits made possible by multiemployer pension plans. Private sector solutions can ensure that workers continue to count on these plans for generations to come without putting taxpayers at risk.
Joint Labor-Management SupportRead the Full ReportWHAT PEOPLE ARE SAYING
If Central States collapses and the PBGC takes over, retirees would, by law, get even less than they would under the just-rejected proposal. And if the PBGC itself is insolvent — an alarmingly real possibility — retirees might get almost nothing.
-- Editorial Board, Washington Post
The multiemployer pension system is a ticking time bomb that will inflict a lot of pain on workers, employers, taxpayers, and retirees if Congress fails to act. Today’s report is a sober reminder that time is running out and should serve as a wakeup call for those few naysayers who believe this is too hard to get done. For months we have tried t...
-- Representative John Kline (R-MN), House Education and the Workforce Committee Chairman
We believe the additional tools for deeply troubled plans that are recommended by the NCCMP, the Retirement Security Review Commission, would go a long way to help us with those plans’ survival.
-- Anthony "Marc" Perrone, Secretary-Treasurer, United Food and Commercial Workers
... our "Solutions, not Bailouts" plan will work to prevent the need for future taxpayer assistance by dramatically reducing the agency's exposure to plan failures, thereby improving the financial outlook of the PBGC multiemployer insurance program.
-- Sean McGarvey, President of the North America's Building Trades Unions
We are joining together as representatives of labor and management to ask for your strong support of the multiemployer pension plan proposal that has been developed by the Retirement Security Review Commission of the National Coordination Committee for Multiemployer Plans. Their proposal is known as Solutions Not Bailouts (SNB). It will signific...
-- William P. Hite & Michael R. Cables, General President United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry of the US of America and Canada, AFL-CIO & President, Mechanical Contractors Association
The fact that labor and management were able to come together and agree on a comprehensive proposal to protect the pensions of millions of middle-class families is a significant development.
-- U.S. Sen.Tom Harkin (D-IA), Chairman, Senate Committee on Health, Education, Labor and Pensions
Today’s report is further proof that there is no easy way to address the challenges facing the multiemployer pension system. It also serves as an important reminder that common ground can be found when stakeholders work together in good faith and are willing to make tough choices. Workers and retirees deserve no less. We commend NCCMP for its ef...
-- U.S. Reps. John Kline (R-MN) & Phil Roe (R-TN), House Education & Workforce Committee
The Commission’s plan represents a pragmatic, reasonable and – most importantly for taxpayers – self-sufficient approach to preserving and protecting nearly half a trillion dollars’ worth of multiemployer retirement plans.