Washington, D.C. – November 29, 2018 – North America’s Building Trades Unions (NABTU) issued a statement from President Sean McGarvey in response to the Joint Select Committee on Solvency of Multiemployer Pension Plans announcing that they need more time to continue its work:
“We appreciate the efforts of Senator McConnell, Senator Schumer, and the entire Joint Select Committee on Solvency of Multiemployer Pension Plans to come up with solutions to the looming insolvencies of certain multiemployer pension plans and the PBGC. The Joint Select Committee’s initial proposal was not on the mark. The first rule of the Committee should be ‘Do No Harm’; unfortunately, this proposal would have been extremely harmful to the plans, participants and employers that comprise the multiemployer system.
“All of this being said, Congress is much more educated on the issues impacting multiemployer pension plans and the PBGC, and we look forward to working with the new Congress on solutions that will work.”