Retirement Security Coalition Applauds Congressional Call for an Urgent Bipartisan Solution to the Pension Crisis

Source: Retirement Security Coalition

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FOR IMMEDIATE RELEASE

December 4, 2020

Retirement Security Coalition Applauds Congressional Call for an Urgent Bipartisan Solution to the Pension Crisis

Washington, D.C. – Today, the Retirement Security Coalition issued the following statement in response to a letter signed by Representatives Tom Emmer (R, MN-06), Anthony Gonzalez (R, OH-16), and 31 additional House members urging congressional leadership to address the funding shortfalls facing multiemployer pension plans and the Pension Benefit Guaranty Corporation as part of the next COVID-19 relief package:

“The impending failure of the multiemployer pension plan system and the Pension Benefit Guaranty Corporation will decimate the retirement savings of 10 million Americans, including essential workers at both the beginning and ends of their careers, retirees, and thousands of veterans. As Representatives Emmer and Gonzalez rightly point out in their letter, this rush toward insolvency has only been hastened by the effects of COVID-19. As such, addressing pension failure must be looked at as a necessary part of our economic recovery process.

“Luckily, members on both sides of the aisle understand the severity of the problem, which could have far-reaching impacts beyond the plan participants themselves to family members, businesses, and communities. There is an appetite for a solution – but actions speak louder than words. Congress must find the political will to come to a bipartisan agreement before year-end.”