Multiemployer pension plans are in crisis. If they fail, they’ll wipe out hardworking Americans’ retirement savings and leave them in dire financial straits through no fault of their own. The federal government needs to step in to bolster multiemployer pension plans and ensure they remain solvent.
This bill would be very expensive and it amounts to a bailout for poorly-managed multiemployer pension plans. Setting the precedent that these plans can rely on the federal government to back them up when they’re mismanaged is bad policy that could have significant repercussions down the line.