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House Education and Workplace Subcommittee Holds First Hearing on Pensions for the 112th Congress

On Tuesday, June 14, the House Subcommittee on Health, Employment, Labor and Pensions held a hearing to review the state of private pension plans and the challenges facing plan sponsors, workers and retirees.   The challenges facing both single and multiemployer pension programs was not directly discussed in the hearing, however, this action indicates that Congress does realize that there are still challenges facing this retirement vehicle.  The majority of defined benefit plans have been negatively impacted by the recent financial crisis. The losses give rise to concerns for potential additional contribution increases, deep benefit cuts, or both. The financial crisis also exacerbated funding problems that certain multiemployer plans were already facing prior to the market downturn. AGC is working with a broad coalition of multiemployer plan stakeholders coordinated by the National Coordinating Committee on Multiemployer Plans (NCCMP) to begin discussions on long-term reforms to bring stability to multiemployer pension plans.  AGC will work with Congress as the conversation on pension reform continues. For more information, please contact Kelly Knott at (202) 547-4685 or knottk@agc.org.