Approximately 30 organizations recently sent a letter to the members of the Joint Select Committee on Solvency of Multiemployer Pension Plans endorsing a loan program to fix the multiemployer pension crisis.
The U.S. Chamber of Commerce, National Association of Manufacturers (NAM), Business Roundtable and various other organizations signed the letter. The letter was addressed to Sens. Sherrod Brown (D-OH) and Orrin Hatch (R-UT), who co-chair the committee.
“A Loan Program is a Necessary Part of Multiemployer Reform,” the organizations wrote. “The financial and demographic circumstances of certain plans will not allow them to survive without responsible financial assistance. Consequently, we recommend long-term, low-interest loans that will protect taxpayers from financial liability.”
Brown has introduced the Butch Lewis Act, which includes a loan program, to address the crisis.
“Retiree benefits, future jobs, and small businesses are at stake if a solution is not found,” the letter said. “We understand that this task is not easy. Nonetheless, it is essential to have a program that restores the solvency of critical and declining status plans while protecting the U.S. economy as soon as possible.”