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Partnership for Multiemployer Retirement Security Statement on Today’s House Education and Workforce Hearing

Business and Labor Groups Urge Adoption of Private Sector Solutions to Protect Multiemployer Plans, Spur the Economy and Strengthen the PBGC Without Taxpayer Bailouts

(WASHINGTON) – Following today’s hearing in the House Education and Workforce Committee Health, Employment, Labor, and Pensions Subcommittee, the Partnership for Multiemployer Retirement Security, a unique partnership of business and labor groups, released the following statement. 

There is no easy way to address the challenges facing multiemployer retirement plans, but in order to protect multiemployer retirement security without taxpayer bailouts, we’ve proposed solutions that have the support of both business and labor. These solutions will shore up multiemployer plans for employers and for future generations of retirees without putting taxpayers at risk. Our ‘solutions not bailouts’ approach is a financially responsible, feasible and private-sector driven response to the challenges facing multiemployer pensions. Our hope is that Congress will provide the reforms we’ve proposed so we can tackle these challenges on our own.

“We appreciate the efforts of the Committee to address multiemployer retirement security and for convening a hearing on this important issue and we thank Chairman Roe and Ranking Member Andrews for dedicating time to these important matters. We look forward to working with the Committee and lawmakers from both parties to meet these challenges in the coming months.”

This statement comes weeks after the Partnership’s release of a report offering private sector solutions to shore up the nation’s multiemployer pension plans.

The report, “Solutions not Bailouts: A Comprehensive Plan from Business and Labor to Safeguard Multiemployer Retirement Security, Protect Taxpayers and Spur Economic Growth,” offers recommendations to boost solvency, provide opportunities for growth for employers, and increase retirement security without taxpayer bailouts. The report was developed over 18 months by the National Coordinating Committee for Multiemployer Plans’ Retirement Security Review Commission, which 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.  The full report can be viewed HERE.

Last month, the House Committee on Education and the Workforce commended the NCCMP report: “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 efforts and look forward to reviewing the recommendations carefully.” [Statement by Chairmen Kline and Roe, 2/19/2013, LINK]

The full report offers specific recommendations for reform that will improve the retirement security of plan participants, enhance the ability of plans to retain contributing employers by limiting financial volatility, and help prevent the need for future taxpayer bailouts. This comprehensive plan from business and labor, if enacted, will ensure that multiemployer plans will continue their decades-long mission of providing cost-effective and reliable retirement benefits to millions of working class Americans while protecting taxpayers from further risk.

 

 

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Posted 11:08AM on March 05 2013 by Jessica
Categories: Press Release