Bob Casey

This is not only a matter of fair treatment of all participants in the pre-partitioned plan, but also provides important protections for the PBGC.

Defined benefit plans are the best type of retirement vehicle

The legislation proposed by Senator Casey would deal with this legacy-cost problem in a few vital but financially stressed industries

That is simply not the case

We think Senator Casey's proposal to update the PBGC's partition authority is a remedy for this plan.

Currently, the maximum PBGC guaranteed benefit is approximately $13,000 for 30 years' service, compared with $54,000 for workers who retire at age 65 in single employer plans.

Earlier this year, Senator Casey introduced the Create Jobs and Save Benefits Act of 2010.

I think we've made the point, by way of two or three different examples.

YRCW now faces three interrelated problems in meeting our pension obligations.

They are a true automatic pilot mechanism for employees to prepare for retirement.

We commend the committee and, again, Senator Casey for his leadership

We appreciate Senator Casey's leadership in calling attention to the situation facing some multiemployer plans.

With respect to the Central States Fund, which will benefit under my bill, the average annual benefit is just over $13,000.

That's a stunning statement, after some of the things we've been listening to this week, that somehow--I think there was one publication that referred to these as, 'gold-plated.' That's actually below the poverty level for a family of two…

So, it's pretty rare.

I think, honestly, the most important thing that Congress can do to help preserve these plans for the future is to work to deal with some of these structural problems that Senator Casey's bill identifies.

For workers and retirees, defined benefit plans provide the best type of retirement security.

We appreciate Senator Casey's leadership in calling attention to the situation facing Central States.

This is not a union bailout--in fact, it is not even a bailout.

As a strong supporter of multi-employer plans, I believe there are several actions that Congress must take this year to ensure their survival.

I'm a strong supporter of theirs. Very few that I could point to are stronger supporters.

However, this is not the case. In fact, contributions to these plans are funded entirely by employers, not unions.

The partition proposal, as set forth in Senator Casey's bill, will preserve jobs, preserve retirement security, and protect the employers in our plan.

I just wanted to ask consent to have entered into the record three letters.

To maintain and continue to create jobs during this difficult time in our history, we must pass S. 3157.