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Business-Labor Partnership Statement on Today’s Ways & Means Subcommittee Hearing

Partnership for Multiemployer Retirement Security Thanks the Subcommittee for Holding this Hearing, Calls for Multiemployer Pension Reforms to Preserve Retirement Security
 
Washington, DC: Following the House Ways and Means Committee Subcommittee on Select Revenue Measures hearing on Private Employer Defined Benefit Pension Plans, the Partnership for Multiemployer Retirement Security, a joint initiative of business and labor, issued the following statement:
 
“Chairman Tiberi is right: we cannot afford to do nothing when it comes to addressing the challenges facing multiemployer pensions. We thank the Chairman and the Subcommittee for holding this hearing and for shining a light on the importance of reforming our multiemployer pension system so that workers have a secure retirement and so businesses small and large can continue to compete and contribute to our economy. There are nearly 11 million multiemployer pension participants nationwide, creating an economic impact of over $38 billion. We need Congress to act, giving plans the tools to modernize and avoid insolvency. That’s why our Solutions Not Bailouts proposal is so critical – it helps those plans in trouble avoid losing everything and those that aren’t better prepare for the future.”
 
What’s Your State’s #PensionImpact?
In nearly every community across the country, multiemployer pensions provide significant contributions to the local economy and provide real retirement security to more than 4 million retired Americans. With a national economic impact of over $38 billion, multiemployer plans impact the lives and livelihoods of families, workers, retirees, businesses and states. The Partnership for Multiemployer Retirement Security is fighting to secure the multiemployer pension system for future generations of workers and employers. Our plan, Solutions Not Bailouts, will preserve retirement benefits in multiemployer pension plans through needed reforms and innovative tools that will restore financial stability and ensure retirement security for the future. What’s your state’s #PensionImpact? Find out at www.solutionsnotbailouts.com/map.
 
About the Partnership for Multiemployer Retirement Security
The Partnership for Multiemployer Retirement Security was formed in February 2013 with the release ofSolutions not Bailouts: A Comprehensive Plan from Business and Labor to Safeguard Multiemployer Retirement Security, Protect Taxpayers and Spur Economic Growth.” The recommendations in the plan were developed by the National Coordinating Committee for Multiemployer Plan’s Retirement Security Review Commission over a period of 18 months.  The Commission 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. This comprehensive plan from business and labor, if enacted, will ensure that multiemployer plans continue their decades-long mission of providing cost-effective and reliable retirement benefits to millions of working class Americans while protecting taxpayers from risk.  Learn more at: www.solutionsnotbailouts.com
 
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Posted 19:09PM on September 17 2014 by Jessica
Categories: Press Release