The Partnership for Multiemployer Retirement Security is a unique initiative comprised of business and labor groups from across those industries that rely on multiemployer plans as a primary vehicle for providing secure retirement income to employees. These organizations have identified a set of private sector solutions to not just strengthen but enhance the multiemployer system for retirees today and for generations to come.
The Partnership’s recommendations were driven by two primary objectives:
- Any recommendations for change to the existing system must still provide regular and reliable lifetime retirement income to participants
- Any changes to the existing system must be structured to encourage contributing employers to remain in their plans by reducing or eliminating their financial risks.
The Partnership for Multiemployer Retirement Security was formed in February 2013 with the release of “Solutions not Bailouts: A Comprehensive Plan from Business and Labor to Safeguard Multiemployer Retirement Security, Protect Taxpayers and Spur Economic Growth.” The recommendations in the plan were developed by the National Coordinating Committee for Multiemployer Plan’s Retirement Security Review Commission over a period of 18 months. The Commission studied the challenges facing the multiemployer pension system and designed a series of recommendations that safeguard retirement security and specifically address the challenges facing multiemployer plans.
This comprehensive plan from business and labor, if enacted, will ensure that multiemployer plans continue their decades-long mission of providing cost-effective and reliable retirement benefits to millions of working class Americans while protecting taxpayers from risk.