In The News

NYT Letter-to-the-Editor: Solutions for Pension and Retirement Security Worries

To the Editor:

The article raises an important issue regarding the viability of a minority (albeit significant minority) of these retirement funds. In fact, a vast majority of plans and participants are not at risk. Your article glosses over a proposal from labor and business leaders to preserve retirement security that Congress is considering.  

That proposal, “Solutions, Not Bailouts,” would make healthy plans healthier and preserve many plans facing insolvency, paying higher benefits to their participants and retirees while mitigating the steep, automatic benefit reductions that current law imposes when the government backstop — itself at risk — is invoked.

We agree that Congress must act, and the plan before it has the support of labor, business, Democrats and Republicans. That’s a rare feat and something we should embrace.

RANDY G. DEFREHN
Washington, April 14, 2014

The writer is executive director of the National Coordinating Committee for Multiemployer Plans.

Click here to read on the New York Times site. 

Posted 17:52PM on April 23 2014 by Jessica
Categories: SNB in the News