WASHINGTON, DC – Nearly 30 organizations wrote to the members of the Joint Select Committee on Solvency of Multiemployer Pension Plans, co-chaired by Senators Sherrod Brown (D-OH) and Orrin Hatch (R-UT), endorsing a loan program to fix the multiemployer pension crisis. The letter was signed by organizations including the U.S. Chamber of Commerce, the National Association of Manufacturers (NAM), and Business Roundtable. As the Committee continues its work to find a bipartisan compromise to address the pensions crisis, the letter demonstrates that stakeholders across the political spectrum agree some form of a loan program must be part of the solution.
“Retiree benefits, future jobs, and small businesses are at stake if a solution is not found. We understand that this task is not easy. Nonetheless, it is essential to have a program that restores the solvency of critical and declining status plans while protecting the U.S. economy as soon as possible…
“A Loan Program is a Necessary Part of Multiemployer Reform. The financial and demographic circumstances of certain plans will not allow them to survive without responsible financial assistance. Consequently, we recommend long-term, low-interest loans that will protect taxpayers from financial liability,” the organizations wrote in their letter.
Brown has been fighting for a solution to the pension crisis for years and has introduced the Butch Lewis Act, which includes a loan program.
The letter was signed by the following organizations: America’s Small Business Development Centers; American Bakers Association; Associated General Contractors; Associated Wholesale Grocers, Inc.; Bimbo Bakeries USA, Inc.; Business Roundtable; Dairy Farmers of America; DHI - Door Security + Safety Professionals; DHL; International Warehouse Logistics Association; National Association of Manufacturers; National Association of Wholesaler-Distributors; National Beer Wholesalers Association; National Electrical Contractors Association; Nestlé; Penske Truck Leasing Co., L.P.; Schnuck Markets, Inc.; Small Business Council of America; Society for Human Resource Management; Sodexo, Inc.; Spangler Candy Company; The ASPPA College of Pension Actuaries; The ERISA Industry Committee; The Kroger Co.; The Small Business Legislative Council; U.S. Chamber of Commerce; UPS; and YRC Worldwide.
A copy of the organizations’ letter can be found HERE.