For Immediate Release
Washington, DC – The following statement should be attributed to Annette Guarisco Fildes, President and CEO of The ERISA Industry Committee (ERIC):
“The ERISA Industry Committee applauds Senators Grassley and Alexander for moving forward to address the crisis in the multiemployer pension system. Since this crisis impacts plan sponsors of all sizes and across the country, it must be addressed comprehensively to ensure the protection of retirement benefits for millions of workers. The Senators’ proposal is an important first step to securing comprehensive reform that will benefit the multiemployer pension system.
Today’s announcement shows that lawmakers are taking Monday’s release of the Pension Benefits Guaranty Corporation’s 2019 annual report seriously. The report states that the multiemployer pension program under the PBGC will be bankrupt by 2025. Consequently, without drastic change, millions of workers and retirees are in imminent danger of losing their retirement benefits.
ERIC looks forward to working with lawmakers towards a resolution that will strengthen the entire multiemployer pension system.”