Top 5 Things to Know About Our Plan

The financial market declines of recent years and ongoing economic uncertainty have resulted in unprecedented challenges for multiemployer pension plans.  “Solutions Not Bailouts” is a set of private sector solutions that will safeguard participants’ benefits while strengthening the multiemployer system for future generations of participants and sponsoring employers.

This proposal will stabilize and enhance the current multiemployer system, provide additional tools for the minority of plans that are deeply troubled, and foster the development of innovative plan designs.

Here are the top five things to know about our plan:

  1. Collaborative Solution: This proposal is the result of the efforts of over 40 organizations, representing both business and labor, from across the industries that rely on multiemployer plans as the primary vehicle for providing secure retirement income to employees.
  2. Lifetime Retirement Income: All recommendations have been designed to provide regular and reliable lifetime retirement income to plan participants to the greatest extent possible.
  3. Innovated Plan Designs: “Solutions Not Bailouts” supports the creation of innovative plan designs that insulate contributing employers from financial volatility while protecting participants from risk by mandating greater funding discipline than is required under current law.
  4. No Government Bailouts: Congress has made it clear the there will be no bailouts forthcoming for the private pension system and we aren’t asking for one.
  5. Benefit Preservation Safeguards: For small number of plans that face inevitable insolvency, our plan provides trustees with early intervention tools that will support the long-term preservation of benefit levels above the PBGC guarantee.