***MEDIA ADVISORY*** Subcommittee to Discuss Reforms to Modernize the Multiemployer Pension System
WASHINGTON, D.C., April 27, 2015
On Wednesday, April 29 at 2:00 p.m., the Subcommittee on Health, Employment, Labor, and Pensions, chaired by Rep. Phil Roe (R-TN), will hold a hearing on ways to strengthen the retirement security of America’s workers. The hearing, entitled, “Examining Reforms to Modernize the Multiemployer Pension System,” will take place in room 2175 of the Rayburn House Office Building.
In 2013, a coalition of labor unions and employers organized by the National Coordinating Committee for Multiemployer Plans (NCCMP) issued a report with numerous policy recommendations to address the significant challenges facing the multiemployer pension system. As part of its report, NCCMP devised a new “composite” pension plan design, combining aspects of both defined benefit and defined contribution plans. The goal of the proposal was to deliver annuitized, lifetime income without the drawbacks associated with traditional multiemployer defined benefit plans. Proponents argue the creation and adoption of composite plans would stop the exodus of employers from the multiemployer pension system and create a more sustainable retirement option for today’s workforce.
Wednesday’s hearing will provide members an opportunity to examine the challenges facing the multiemployer pension system and ways to improve the system on behalf of workers, employers, retirees, and taxpayers.
To learn more about the hearing, visit /hearings.
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Randy G. DeFrehn