Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Retirement Planning > Saving for Retirement

Lawmakers to Discuss Multiemployer Pension Solvency

Your article was successfully shared with the contacts you provided.

After reintroducing S. 2526, the Retirement Enhancement and Savings Act of 2018, on March 9 that includes authorizing multiemployer pension plans, Senate Finance Committee Chairman Sen. Orrin Hatch, R-Utah, who co-chairs the Joint Select Committee on the Solvency of Multiemployer Pension Plans, has scheduled the committee’s first meeting for Wednesday.

Sen. Sherrod Brown, D-Ohio, the committee’s other co-chair who serves as a senior member of the finance committee, said in a Monday joint statement with Hatch that Wednesday’s meeting “is the first of many public meetings to come as the committee works toward a bipartisan solution to the multiemployer pension plan crisis.”

More than a million workers and retirees, Hatch and Brown said, “are counting on us to protect their retirement security. We’re ready to get to work on a bipartisan solution and make sure that those who participate in a retirement plan through their employer can adequately save for their future.”

Others Senators on the joint committee are: Mike Crapo, R-Idaho;  Lamar Alexander, R-Tenn.; Joe Manchin, D-W. Va.; Rob Portman, R-Ohio; Heidi Heitkamp, D-N.C.; and Tina Smith, D-Minn. The committee also includes Reps. Richard E. Neal, D-Mass.; Bobby Scott, D-Va.; Virginia Foxx, R-N.C.; Vern Buchanan, R-Fla., Phil Roe, R-Tenn.; David Schweikert, R-Ariz.; Donald Norcross, D-N.J.; and Debbie Dingell, D-Mich.

The Joint Select Committee was created as part of the overall budget compromise that passed in February.

The committee is to report a bill by the last week of November, and is required to hold at least five public meetings, including a field hearing outside of Washington so lawmakers can hear directly from retirees, workers and businesses affected by the pension crisis.

If at least five members from each party agree on a compromise, the solution will be guaranteed an expedited vote on the Senate floor with no amendments.

— Check out Senators Reintroduce Retirement Enhancement and Savings Act on ThinkAdvisor.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.