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Randy DeFrehn Statement on Senate Passage of 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. Senate voted on the “CRomnibus” which included much-needed bipartisan multiemployer pension reforms based on the labor-business-backed Solutions Not Bailouts proposal.  Following the Senate 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:

“Passage of these reforms is a landmark moment for the 10.5 million employers, workers and retirees who are now one big step closer to having their retirement security restored. We look forward to the President signing this bipartisan legislation into law.

“This week’s action is the hard-earned result of years of work by America’s unions and employers who worked together to develop a solution that prevents the worst of the multiemployer pension cliff without requiring a massive taxpayer bailout. The path forward for these troubled pension plans, as well as those in better shape, preserves benefits at higher levels than allowed under previous law keeps employers in the system and in business and gives our economy a much-needed boost.

“After more than three years of hearings, meetings and negotiations between unions and employers, and members of Congress, passage of these reforms means multiemployer pension plans will get the tools they need to head off insolvency and preserve benefits for decades to come.”

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 21:59PM on December 13 2014 by Jessica
Categories: Press Release