September 23,2020

Grassley on Multiemployer Pension Reforms

Prepared Floor Remarks by U.S. Senator Chuck Grassley of Iowa
Chairman, Senate Finance Committee
Wednesday, September 23, 2020
I’ve spoken before about the need to reform the multiemployer pension system.
According to the Pension Benefit Guaranty Corporation’s annual projections report released last week, that need for reform is as important as ever.
The report estimates the multiemployer insurance program will become insolvent in 2026 – a year later than predicted last year, in part due to the relief we provided to the Mine Workers’ plan last December.
What’s worse is that insolvency will come at the same time the Central States Pension Fund will become insolvent, creating an even bigger strain on the agency’s insurance fund.
Reaching a bipartisan reform agreement continues to be critically important.
I’m encouraged by indications from my Democratic colleagues that they’re interested in working with us to find a solution that strengthens this important part of our retirement system while ensuring that taxpayers aren’t left holding the bag again in the future.