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Ft. Lauderdale Sun-Sentinel, Letter to the Editor: Act now, Congress

http://www.sun-sentinel.com/news/opinion/letters/fl-letter-ed-chambers-20140222,0,6811267.story

Look no further for the next potential financial crisis than the end of 2014, when key provisions of the Pension Protection Act of 2006 are set to expire.

More than 10 million Americans participate in multi-employer pension plans in industries that include construction, entertainment, retail, health care and transportation. These plans are in jeopardy. Many have been hit hard by the Great Recession and the federal agency that backstops these plans in case of insolvency is on the brink of running out of money.

A group of labor and business leaders put their heads together for a common-sense and self-help solution to this problem. For plans that are at risk of going insolvent, it provides a road map to help preserve retiree benefits.

For those plans that are recovering from the financial crisis, it provides new, innovative plan designs that will help in the future.

The proposal is called Solutions Not Bailouts and it doesn't require taxpayers to foot the bill, but requires Congress to act.

Ed Chambers, president, United Food & Commercial Workers Union, Local 1625, 

Posted 15:21PM on February 26 2014 by Jessica
Categories: SNB in the News