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Randy DeFrehn Statement on House Passage Of Needed Multiemployer Pension Reforms

Randy DeFrehn Statement on House Passage Of Needed Multiemployer Pension Reforms

Bipartisan Solutions Not Bailouts Proposal Ensures Retirees Won’t Face Dramatic, Automatic Cuts, Preserves Multiemployer Pension System for the Long-Term

WASHINGTON, D.C. – Today, the U.S. House of Representatives voted on the “CRomnibus” which included Reps. John Kline (R-Minn.) and George Miller’s (D-Calif.) much-needed bipartisan multiemployer pension reforms  based on the labor-business-backed Solutions Not Bailouts proposal. Following the House vote, Randy G. DeFrehn, Executive Director of the National Coordinating Committee for Multiemployer Plans issued the following statement on behalf of the Partnership for Multiemployer Retirement Security:

“As a result of the bipartisan action taken today, the 10.5 million employers, workers and retirees who make up our nation’s multiemployer pension participants are one step closer to having their retirement security restored.  The proposal passed by the House comes after more than three years of hearings, meetings and negotiations between unions and employers, and members of Congress, and it gives multiemployer pension plans the tools they need to head off insolvency and preserve retiree benefits for decades to come.

“Today’s vote recognizes the years of work that America’s unions and employers did to develop a solution that doesn’t require a massive taxpayer bailout and instead provides a path forward for these troubled pension plans that preserves benefits at higher levels than allowed under previous law. This landmark action also keeps employers in the system and in business, preserving jobs and ensuring economic growth.

“We would like to thank Chairman Kline and Ranking Member Miller who acted courageously, and in a bipartisan way to protect and strengthen multiemployer pensions and preserve benefits for participants. We also want to thank all the retirees, employers and workers who lent their voice to this important effort. This measure is not only timely, it’s necessary.  We look forward to the Senate taking up this measure quickly and, eventually, implementing 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 12 2014 by Jessica
Categories: Press Release