Multiemployer Pension Reform Will Benefit All Plan Sponsors

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.”

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All media inquiries to The ERISA Industry Committee should be directed to:

Kelly Broadway, 202.627.1918, kbroadway@eric.org

About the ERISA Industry Committee
ERIC is a national advocacy organization that exclusively represents large employers that provide health, retirement, paid leave, and other benefits to their nationwide workforces. With member companies that are leaders in every sector of the economy, ERIC advocates on the federal, state, and local levels for policies that promote flexibility and uniformity in the administration of their employee benefit plans.