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Randy DeFrehn Statement on Adoption of Solutions Not Bailouts Proposal Into Bipartisan Agreement

Randy DeFrehn Statement on Adoption of Solutions Not Bailouts Proposal Into Bipartisan Agreement

Bipartisan Proposal Ensures Retirees Won’t Face Dramatic, Automatic Cuts, Preserves Multiemployer Pension System for the Long-Term Following Three Years of Hard Work

WASHINGTON, D.C. – Following the inclusion of the reform elements in the labor-business-backed Solutions Not Bailouts proposal in the bipartisan deal crafted by the House Education and Workforce Committee, Randy G. DeFrehn, Executive Director of the National Coordinating Committee for Multiemployer Plans issued the following statement:

“Today, leaders from both parties came together under very difficult circumstances and stood up for the employers, workers and retirees who count on multiemployer pensions.  More than three years of hearings, events and negotiations between unions and employers, and members of Congress, finally bore fruit tonight. As a result, impacted workers will have more to live on in retirement because the insolvency of their pensions can now be avoided.

“This bipartisan agreement gives pension trustees the tools they need to maintain plan solvency, preserves benefits for the long haul, and protects the 10.5 million multiemployer participants. With time running out on the retirement security of millions of American’s, moving this bipartisan proposal forward now is not only timely, but necessary. Chairman Kline and Ranking Member Miller acted courageously to put forward a bipartisan proposal that builds on Congressional hearings and public forums and that will preserve retirement security for millions of Americans.  We thank them for their efforts and look forward to working closely with the Congress to pass and ultimately implement this important legislation.”

About the Partnership for Multiemployer Retirement Security

The Partnership for Multiemployer Retirement Security was formed in February 2013 with the release of Solutions 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 14:14PM on December 10 2014 by Jessica
Categories: Press Release