The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, issued the following statement today in response to the Treasury Department’s refusal to accept a rescue plan by the Central States, Southeast and Southwest Areas, Health and Welfare Pension Funds to take a voluntary steps to keep the funds solvent:
“Tens of thousands of retirees face the likelihood that the Central States pension funds they depend upon will soon become insolvent because the Obama administration has chosen politics over the need to protect retirees. The Multiemployer Pension Reform Act that President Obama signed into law in 2014 received overwhelming, bipartisan support in Congress because it wisely empowered the trustees of pension plans to take steps to prevent the draconian benefits cuts that come with insolvency."
Read full statement here.