WASHINGTON, D.C. | June 10, 2013 -
On Wednesday June 12, at 10:00 a.m., the Subcommittee on Health, Employment, Labor, and Pensions, chaired by Rep. Phil Roe (R-TN), will hold a hearing entitled, “Strengthening the Multiemployer Pension System: What Reforms Should Policymakers Consider?" The hearing will take place in room 2175 of the Rayburn House Office Building.
Multiemployer defined benefit pension plans are created by collective bargaining agreements. The plans are administered jointly by a board of trustees equally representing employers and union officials. Significant challenges face the multiemployer pension system. For example, plans reported $757 billion in benefit liabilities and unfunded obligations of $391 billion. Additionally, there is a 90 percent probability the Pension Benefit Guaranty Corporation’s multiemployer pension insurance program will be insolvent in less than 20 years.
For more than a year the committee has been closely examining the multiemployer pension system. With provisions in the Pension Protection Act affecting multiemployer pensions expiring in 2014, policymakers have an opportunity to advance broad structural reforms to improve the long-term health of the system.
Tuesday's hearing will provide members an overview of possible reforms, including a proposal released by the National Coordinating Committee for Multiemployer Plans. To learn more about Tuesday’s hearing, visit http://edworkforce.house.gov/hearings.
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National Coordinating Committee for Multiemployer Plans
Executive Vice President for Human Resources and Corporate Communications
Eden Prairie, MN
International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers
Dr. Teresa Ghilarducci
The New School
New York, NY