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Roe Statement: Hearing on "Strengthening the Multiemployer Pension System: How Will Proposed Reforms Affect Employers, Workers, and Retirees?”
Oct 29, 2013 -
The topic of this hearing personally affects many in our audience, men and women who have spent a lifetime in the workplace and hope to enjoy retirement with the financial security they were promised. Unfortunately, that security is now in jeopardy for a number of different reasons. For example, the...
Roe Statement: Hearing on "Strengthening the Multiemployer Pension System: What Reforms Should Policymakers Consider?”
Jun 12, 2013 -
As the title of the hearing suggests, today we will begin to review possible reforms to the nation’s multiemployer pension system. In 2014 provisions in the Pension Protection Act affecting multiemployer pensions are set to expire. For more than a year the committee has looked closely at the challen...
Roe Statment: Hearing on “Challenges Facing Multiemployer Pension Plans: Evaluating PBGC’s Insurance Program and Financial Outlook”
Dec 19, 2012 -
Today’s hearing is our second opportunity in recent months to examine the multiemployer pension system. In June, we discussed broadly the policies governing the system and its structural challenges. Since that hearing, news reports have reminded us of the problems plaguing many pension plans and the...
Roe Statement: Hearing on "Assessing the Challenges Facing Multiemployer Pension Plans"
Jun 20, 2012 -
In a recent editorial entitled the “Union Pension Bomb,” the Wall Street Journal described the “big trouble” facing multiemployer pension plans. The editorial noted a study by analysts at Credit Suisse, which found multiemployer pensions are collectively underfunded by approximately $369 billion, an...
Roe Statement: Hearing on "Examining the Challenges Facing the PBGC and Defined Benefit Pension Plans"
Feb 2, 2012 -
We are confronted today with two difficult realities. The first is the financial challenges facing the Pension Benefit Guaranty Corporation. For more than 35 years, PBGC has provided an important safety net to millions of workers in the event a defined benefit pension plan becomes insolvent or termi...
Roe Statement: Hearing on "Redefining 'Fiduciary': Assessing the Impact of the Labor Department's Proposal on Workers and Retirees"
Jul 26, 2011 -
Recently, we learned about the challenges confronting the retirement security of workers and retirees. The lingering effects of the recession and an uncertain regulatory environment reaffirm the need for policymakers to tread carefully as they consider changes to the rules that govern retirement inv...
Roe Statement: Hearing on "Retirement Security: Challenges Confronting Pension Plan Sponsors, Workers, and Retirees"
Jun 14, 2011 -
Roughly 60 million workers participate in an employment-based retirement plan. They, like so many Americans, have felt the impact of the recent recession and continue to experience tough times during this slow economy. As more Americans reach into their retirement savings just to make ends meet, pol...