Apart from discussing the RESA legislation, witnesses and Senators at a Finance Committee meeting spoke about the pressing need to address severe funding shortfalls faced by some union pension plans.
A vote on solutions was supposed to take place by today, but the co-chairmen of the Joint Select Committee on the Solvency of Multiemployer Pension Plans say they need more time to finish their work, given the scope of the challenge.
A white paper published by a group of researchers and actuaries examines the pros and cons of creating a government-back low-interest loan program to support stressed multiemployer pensions.
Over the next decade, the financial condition of PBGC’s Multiemployer Insurance Program is expected to steadily worsen, leaving very little chance that the program will remain solvent beyond the next decade.