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PBGC Director Gordon Hartogensis Issues Statement

Calling for Bipartisan Solutions on the Multiemployer Pension System
PBGC Director Gordon Hartogensis Issues Statement
FOR IMMEDIATE RELEASE
July 24, 2019

Multiemployer pension plans are in crisis, posing a threat to the promised retirement income of millions of American workers and retirees and their families. Congress should enact a long-term, sustainable solution taking into account fairness to retirees, workers, taxpayers, and employers, to improve retirement security for hard-working Americans and their families.

Only bipartisan compromises have a chance of succeeding and it is time to renew such bipartisan efforts to find serious solutions.

I look forward to working with all stakeholders – the White House, the Senate, the House, the Departments of Labor, Treasury, and Commerce, the multiemployer plan community, workers, employers, and retirees to find a long-term, sustainable legislative solution for hard-working Americans.

About PBGC:

PBGC protects the pension benefits of nearly 37 million Americans in private-sector pension plans. The agency operates two separate insurance programs — one covering pension plans sponsored by a single-employer and another covering multiemployer pension plans, which are sponsored by more than one employer and maintained under collective bargaining agreements. PBGC is currently responsible for the benefits of about 1.5 million people in failed pension plans. PBGC receives no taxpayer dollars. Its operations are financed by insurance premiums, investment income, and, for the Single-Employer Program, assets and recoveries from failed single-employer plans. For more information, visit PBGC.gov.

Statement Number: 
04