WASHINGTON — Pension Benefit Guaranty Corporation Director Josh Gotbaum testified today before the House Subcommittee on Health, Employment, Labor, and Pensions about the status of multiemployer plans.
"For more than 10 million people and their families, multiemployer plans give them a pension that's portable, that they can take with them from job to job, that doesn't require them to become an investment expert or an actuary and that gives them an income they can depend on for the rest of their lives," Gotbaum said. "And they don't have to worry that they or their spouses might outlive the money in their 401K."
PBGC protects the pension benefits of more than 40 million Americans in private-sector pension plans. The agency is directly responsible for paying the benefits of more than 1.5 million people in failed pension plans. PBGC receives no taxpayer dollars and never has. Its operations are financed by insurance premiums and with assets and recoveries from failed plans. For more information, visit PBGC.gov.