Washington, D.C. — Yesterday, Congressman Jim Renacci issued a letter to the Joint Select Committee (JSC) on Solvency of Multiemployer Pension Plans encouraging the Committee to hold a hearing on possible solutions to address the pending insolvency of major multiemployer pensions and the Pension Benefit Guarantee Corporation (PBGC).
Ohio has nearly 50,000 participants in the Central States Pension Plan and more than 200 businesses that contribute to the Plan. Should multiemployer pension plans such as Central States and the United Mine Workers Fund go insolvent along with the PBGC, retirees will be left with a small fraction of their expected benefits.
“Finding a solution to the multiemployer pension crisis is critical. The Joint Select Committee has held important hearings to date on the causes of the current crisis that retirees, active employees, and businesses who participate in multiemployer pension plans face. Unfortunately, with less than 30 legislative days until the deadline set by current law, the Committee has not held a hearing with stakeholders on the possible solutions that could address this crisis,” said Renacci. “Congress needs to find a bipartisan approach that can be signed into law. It is important that members of the JSC, and all other members of Congress, have an opportunity to listen and discuss policy proposals in order to find a solution that takes into consideration the impact on retirees, active employees, employers, and the American taxpayer.”
The JSC was created in the Bipartisan Budget Act of 2018 with the goal of improving the solvency of pension plans and the PBGC.
Read the letter HERE.