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Partnership for Multiemployer Retirement Security Statement on GAO Report

Business and Labor Initiative Praises GAO’s Inclusion of “Solutions Not Bailouts” Recommendations in Their Latest Report on Multiemployer Pensions

(WASHINGTON) – Following the GAO’s release of their report on multiemployer pensions today, the Partnership for Multiemployer Retirement Security, a unique partnership of business and labor groups, released the following statement.

“We were proud to see the GAO reference and praise our private sector recommendations from ‘Solutions Not Bailouts’ in their report on multiemployer retirement plans. While there is no easy way to address some of the challenges facing these plans, the GAO recognized what we know to be true – we need balanced solutions supported by both business and labor that do not put taxpayers at risk. Our approach achieves those goals, and we look forward to working with the relevant Congressional committees and lawmakers from both parties to meet these challenges in the coming months.                                                                                      

“We agree with the GAO that comprehensive action must be taken to shore up the PBGC for future generations of employers and retirees. Our recommendations are financially responsible, feasible and private-sector driven – they will shore up multiemployer plans for the long term while boosting the economy and without taxpayer bailouts.”

The Partnership for Multiemployer Retirement Security’s report, “Solutions not Bailouts: A Comprehensive Plan from Business and Labor to Safeguard Multiemployer Retirement Security, Protect Taxpayers and Spur Economic Growth,” offers private sector solutions to shore up the nation’s multiemployer pension plans. The recommendations will 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.

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 12:50PM on April 05 2013 by Jessica
Categories: Press Release