October 02,2015

Press Contact:

Taylor Harvey: 202-224-4515

Wyden Statement on Proposed Cuts to Multiemployer Pension Plan

Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today a statement following news that Central States Pension Fund, which has 400,000 participants, has filed an application for the suspension of benefits (i.e. benefit cuts) with the Treasury Department under the Multiemployer Pension Reform Act of 2014.

“These proposed benefit cuts are the result of bad legislation forced through Congress at the very end of last year,” Wyden said. “I strongly opposed this legislation because it was my view it would hurt both current participants and retirees. I will be pushing the Treasury Department to take all available measures to ensure participants’ and retirees’ rights are protected.”

The Multiemployer Pension Reform Act of 2014 was a part of the omnibus spending bill Congress passed in December of last year. Find Wyden’s previous remarks on the legislation here.