February 27,2018

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Hatch Statement on Joint Select Committee on the Solvency of Multiemployer Pension Plans

WASHINGTON – Today, Senate Finance Committee Chairman Orrin Hatch (R-Utah) issued the following statement after being named co-chair of the bipartisan, bicameral Joint Select Committee on the Solvency of Multiemployer Pension Plans:

“Despite remaking the U.S. tax code to better promote savings and investment, there is still more work that needs to be done to bolster retirement savings and address the shortcomings that have plagued multiemployer pension plans across the country. In recent years, these underfunded plans have highlighted the challenge of delivering on the promise of lifetime retirement income and the stakes for retirees if the system fails.

“While resolving this issue is long overdue, there continues to be a great deal of bipartisan support in Congress for a comprehensive solution to the union-run multiemployer pension system. This committee has a real opportunity to build on past work, push past partisan politics, and unify behind effective solutions that will put this system – which impacts more than 10 million American workers and retirees – on a path toward solvency.”

Background: Hatch has long advocated for pension reforms and introduced his own legislation, the SAFE Retirement Act, which includes provisions to update and improve the 401(k) system and secure retirement savings. The measure has received favorable reviews and support from both sides of the aisle and in both Houses of Congress. During the 114th Congress, Hatch spearheaded efforts in the committee to advance bipartisan legislation, the Retirement Enhancement and Savings Act of 2016, to further enhance the safety net for American retirees and their pensions.