Sessions Introduces Multi-Employer Pension Plan Partnership Act of 2017

Statement

U.S. Congressman Pete Sessions (R-TX), Chairman of the House Committee on Rules, and U.S. Congressman Bill Pascrell, Jr. (D-NJ) introduced bipartisan legislation to address one of the most troubled sectors of the American pension system:

"Job creators and employees across the country are being forced to the edge of the cliff as the threat of insolvency of their pension plans looms. This legislation is a common sense solution that provides sponsors of multi-employer pension plans the flexibility they need to provide incentives to retain their currently contributing employers as well as protects newly contributing employers. While this bill does not solve all predictable pension problems, it does remedy one specific type by forcing the government to approve or deny proposals in a reasonable time frame to keep these plans solvent and ensure hard working Americans have access to the benefits that they were promised," said Congressman Sessions.

"If we make promises to workers, we must keep them. The pension system needs much work in order to keep those promises, and this bill makes incremental changes necessary to reach that goal. Employers and employees need assurances that pensions systems can meet the needs and allow for adjustments as the economic landscape shifts. Whether you are a retired or active employee, a business owner or corporate CEO, this bipartisan fix creates those assurances," said Congressman Pascrell.

H.R. 2117, the Multi-Employer Pension Plan Partnership Act of 2017, allows employers, unions, and multiemployer pension plans to work together to allow the sponsors of multi-employer pension plans the flexibility to provide incentives to retain their currently contributing employers and protections for newly contributing employers, so these plans can maintain or even improve their source of funding. These bipartisan policy changes will empower plans to extend their lives and more importantly continue to provide the pension benefits promised to their participants and beneficiaries, at no cost to the U.S. taxpayer.

Source