The Joint Select Committee on Solvency of Multiemployer Solvency of Multiemployer Pension Plans (JSC) is working on a legislative framework for addressing the multiemployer pension crisis. The committee has concluded its scheduled public hearings and submissions for public stakeholder input ended earlier this week. The committee has spent considerable time focusing on the solvency of large distressed plans and the financial solvency of the Pension Benefit Corporation. However, the committee has spent less time examining the impact on reform changes to healthy plans or creating a framework for a future, sustainable retirement plans in the future, such as the composite plans.
Ahead of the committee’s deadline AGC joined a broad group of employers and employer organizations in a letter detailing the need for a comprehensive solution to the crisis. The priorities listed in the letter include support for composite plans, loans for plans otherwise headed to insolvency and opposition to changes to funding rules or premium or other contribution increases. The committee is expected to consider the proposal in earnest after the election and possibly consider a legislative package before the end of the year.
For additional information, please contact Jim Young, Senior Director, Congressional Relations- Labor, HR and Safety at youngj@agc.org, or (202) 547-0133.