Press Releases

Today, Education and Labor Committee Republican Leader Virginia Foxx (R-NC) released the following statement after the Pension Benefit Guaranty Corporation (PBGC) announced it approved the largest multiemployer pension bailout in history:

“PBGC’s $35.8 billion bailout of Central States, Southeast & Southwest Areas Pension Plan is a reckless use of taxpayer dollars. Throwing money at a sinking ship saves no one. Chronically underfunded multiemployer pensions have cracks in their foundations—bailing these programs out without requiring drastic reforms is irrational and irresponsible.

“The Central States Pension Plan was projected to run out of money by 2025. Without addressing the underlying issues driving its insolvency, this plan will limp along before eventually needing another cash infusion. Democrats and the Biden administration think they are throwing Central States a lifeline, but they might as well be cutting the rope.”

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