Political Quotes

“Mr. President, the multiemployer pension system has been in need of a major overhaul for years. More than 300 plans are critically underfunded. Moreover, the Pension Benefit Guaranty Corporation, PBGC, multiemployer insurance fund, which is a backstop for these plans, is projected to become insolvent in the next 5 years. If this occurs, 1.5 million retirees, due to no fault of their own, could see their hard-earned retirement benefits slashed to pennies on the dollar. This is unacceptable, and it is one of the reasons that, when I took over as chairman of the Senate Finance Committee in 2019, I made it a priority to fix the failing multiemployer pension system. To me, this has always meant helping secure the retirement benefits of millions of retirees and ensuring that this retirement system is sustainable over the long term. Working with former Senator and HELP Committee Chairman Lamar Alexander, I immediately got to work on a draft proposal, which was released for public input and stakeholder feedback in November of 2019. We received numerous comments from workers, retirees, unions, employers, actuaries, academics, plan officials, and members of the general public that helped me refine my approach and create a balanced plan.…”