Joint Committee on Multiemployer Plans Seeks Input from Stakeholders
The Joint Select Committee on Solvency of Multiemployer Pension Plans, co-chaired by U.S. Senators Orrin Hatch (R-UT) and Sherrod Brown (D-OH), announced on April 18, 2018, that the committee is seeking input from stakeholders on ways to improve the long-term health of multiemployer pension plans and the Pension Benefit Guaranty Corporation (PBGC).
According to Senator Brown, "This committee is finally forcing Congress to treat the pension crisis in this country with the seriousness and urgency American workers deserve. Hearing directly from workers, retirees and businesses about what is at stake for them will help the committee craft the best possible solution." Senator Hatch added that "Information and insights, from both the public and private sectors, will be useful to the committee as it analyzes the challenges plaguing the current multiemployer pension system and works to develop solutions to strengthen retirement security for Americans across the country."
Action Needed Now: Interested Stakeholders should submit comments to the Joint Select Committee's mailbox at JSCSMPP@finance.senate.gov by September 30, 2018. Submissions can be in either Word or PDF format and should include the author's name, contact information, and any professional affiliation. All submissions will be made part of the public record.
Background: Established by the Bipartisan Budget Act of 2018, the Joint Select Committee1 is charged with improving the solvency of multiemployer pension plans and the PBGC. Not later than Nov. 30, 2018, the Joint Select Committee is to vote on a report containing a detailed statement of findings, conclusions, and recommendations, and on proposed legislative language to carry out the recommendations described in the report.
It is critical for the Joint Select Committee members to hear from Plans, Employers, and Unions, as well as from participants and beneficiaries. This includes not only Plans with immediate solvency concerns, but also well-funded Plans that want PBGC's multiemployer program to remain solvent. We encourage you to submit responses to the Committee; keep in mind submitted comments will be on public record.
Cheiron is an actuarial consulting firm that provides actuarial and consulting advice. However, we are neither attorneys nor accountants. Accordingly, we do not provide legal services or tax advice.
1 In addition to the co-chairs, members of the Committee include U.S. Senators Mike Crapo (R-ID); Lamar Alexander (R-TN); Heidi Heitkamp (D-ND); Joe Manchin III (D-WV); Rob Portman (R-OH); and Tina Smith (D-MN), as well as U.S. Representatives Phil Roe (R-TN), Vern Buchanan (R-FL); Debbie Dingell (D-MI); Virginia Foxx (R-NC); Richard E. Neal (D-MA); Donald Norcross (D-NJ); David Schweikert (R-AZ); and Bobby Scott (D-VA).