April 18,2018

Press Contact:

202-224-4515, Katie Niederee and Nicole Hager

Hatch Committed to Strengthening Solvency of Multiemployer Pension Plans

Proven Track Record of Advocating for Bipartisan Solutions to Pension Problems

Joint Select Committee on Solvency of Multiemployer Pension Plans Co-chair and Finance Committee Chairman Orrin Hatch (R-Utah) has a proven record of spearheading legislation to bolster retirement savings and tackle the issues that have plagued the nation’s multiemployer pension plans. In addition to ushering in tax reform to better promote savings and investment, Hatch has worked across the aisle to promote legislation that strengthens and improves Americans’ ability to save for retirement. Take a look at Hatch’s past work in this area: 

The Retirement Enhancement and Savings Act (RESA)

First introduced with Finance Committee Ranking Member Ron Wyden (D-Ore.) in 2016, RESA passed the Finance Committee with unanimous support in the 114th Congress. The Finance Committee leaders re-introduced the bill earlier this year. 

RESA aims to increase voluntary retirement savings and includes a provision to establish more flexible multiple employer plans. A section-by-section analysis of the legislation can be found here. Bill text can be found here.

The Secure Annuities for Employees (SAFE) Retirement Act of 2013

Hatch introduced the SAFE Retirement Act in 2013 and received favorable reviews and support from both sides of the aisle, in both chambers of Congress. 

The SAFE Retirement Act would streamline current pension programs by providing states, employers and U.S. workers with stronger tools for increased retirement savings. The legislation included provisions to update and improve the 401(k) system and secure retirement savings.