Washington, D.C. – November 21, 2019 – Today, North America’s Building Trades Unions (NABTU) issued the following statement from Sean McGarvey, NABTU President and Chairman of the National Coordinating Committee for Multiemployer Plans (NCCMP), on the multiemployer pension reform proposal released by U.S. Senate Finance Committee Chairman Chuck Grassley (R-IA) and U.S. Senate HELP Committee Chairman Lamar Alexander (R-TN):
“2019 is a critical year to enact reform legislation to rescue and modernize the multiemployer pension system, and we appreciate Chairmen Grassley and Alexander’s time and effort to advance this process. Today’s proposal presents punitive requirements on plans, participants, employers, and unions, which would cause harm to them and the 85 percent of the multiemployer system that are successfully meeting their obligations. We look forward to working closely with Senate leaders on revisions to this proposal to ensure effective bipartisan solutions rescue failing plans and the PBGC without harming healthy plans and the future of the multiemployer system.”
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