WASHINGTON — Joint Select Committee on Solvency of Multiemployer Pension Plans Co-chairs U.S. Senators Orrin Hatch (R-UT) and Sherrod Brown (D-OH) today announced that the committee is seeking input from stakeholders. The committee aims to improve the solvency of multiemployer pension plans and the Pension Benefit Guarantee Corporation.
“As the committee works to report on the solvency of multiemployer pension plans and the Pension Benefit Guarantee Corporation and provide recommendations to significantly improve their long-term health, I am interested in hearing from stakeholders,” Hatch said. “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.”
“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,” said Brown.
Stakeholders can submit input to the Joint Select Committee’s mailbox at JSCSMPP@finance.senate.gov. The deadline to respond is Sept. 30, 2018. All submissions will be considered part of the public record; should be clear and concise; directed at the issues that the Joint Select Committee is charged to consider; and provided in the form of an email attachment (either in Microsoft Word or text-searchable PDF file). The email containing the attachment should clearly indicate the name(s) of the author(s), contact information and any professional affiliation.
Established by the Bipartisan Budget Act of 2018, the Joint Select Committee on Solvency of Multiemployer Pension Plans is co-chaired by Senator Orrin Hatch (R-UT) and Senator Sherrod Brown (D-OH) and includes U.S. Senators Mike Crapo (R-ID); Heidi Heitkamp (D-ND); Joe Manchin III (D-WV); Rob Portman (OH); and Tina Smith (D-MN), as well as U.S. Representatives Phil Roe (R-TN), Vern Buchanan (R-FL); Debbie Dingell (MI); Virginia Foxx (NC); Richard E. Neal (MA); Donald Norcross (NJ); David Schweikert (R-AZ); and Bobby Scott (D-VA).
Under the law, the Joint Select Committee is charged with improving the solvency of multiemployer pension plans and the Pension Benefit Guarantee Corporation. Duties of the Joint Select Committee are to provide recommendations and legislative language that will significantly improve the solvency of those plans and of the corporation. The Joint Select Committee is, not later than Nov. 30, 2018, 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.
For more information about the Joint Select Committee visit: https://www.pensions.senate.gov/, which launched last week.