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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 Self-Help Solutions to Protect Multiemployer Plans for Generations to Come

 

(WASHINGTON) – Following today’s hearing in the House Education and Workforce Committee, Randy G. DeFrehn, issued the following statement on behalf of the Partnership for Multiemployer Retirement Security, a unique partnership of business and labor groups, released the following statement.

“In order to protect the retirement security for all multiemployer plan participants, we’ve got to act with the support of both labor and management. The proposal considered by the Committee today has that support and ensures that multiemployer pensions are around for future generations of retirees.

 While some will continue to try and trivialize the situation that these pension plans find themselves in, there’s no getting around the fact that solving the problems faced by these plans will not be easy, or inexpensive. The Solutions Not Bailouts approach is a financially responsible, feasible and private-sector driven response to the challenges facing multiemployer pensions. Our ‘self-help’ plan preserves the highest possible benefits for workers and retirees, and helps contributing businesses continue to thrive. Our hope is that Congress will seriously consider the reforms we’ve proposed so we can strengthen retirement security and protect multiemployer pensions for the long-term,” said Randy G. DeFrehn.

Earlier this year, the Partnership released 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.

In February, 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.

 

Learn more: www.solutionsnotbailouts.com.

 

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Posted 15:18PM on October 29 2013 by
Categories: Press Release