Today, Education and Labor Committee Republican Leader Virginia Foxx (R-NC) hosted a roundtable discussion on the importance of reforming multiemployer pension plans.
Following the meeting, Republican Leader Foxx said: "During today’s briefing, Republican Members of the Education and Labor Committee expressed serious concerns about Democrats’ taxpayer-funded bailout of multiemployer pensions. This misguided bailout will end up costing taxpayers billions of dollars. These pension plans and the Pension Benefit Guaranty Corporation’s insurance program will likely become insolvent anyway.
"Pouring money into a broken system is like pouring money down a rat hole. And there is no doubt about it—this system is broken. With almost 77 percent of multiemployer plan participants in plans that are less than 50 percent funded, this system is in dire straits. Decades of chronic underfunding and false promises have put millions of workers and retirees at risk. There must be accountability for this gross mismanagement and real reform to ensure that this system does not continue to deceive workers and the American people."