The deadline for the Joint Select Committee on Solvency of Multiemployer Pension Plans (JSC) to vote on and propose new legislation that attempts to solve the multiemployer pension crisis has come and gone with no proposal agreed upon. See our article from last week for a summary of where the committee left off, Preliminary Proposal from the Joint Select Committee on Solvency of Multiemployer Pension Plans.
The sixteen member committee has committed to continue in their task beyond the deadline, stating, “We understand that the longer that these problems persist, the more burdensome and expensive for taxpayers they become to address, and we are committed to working toward a final agreement as quickly as possible.”[i]
Two of the members will no longer be a part of the U.S. Senate in 2019, as JSC Chairman, Senator Orrin Hatch of Utah, did not run for re-election and Senator Heidi Heitkamp of North Dakota lost her re-election to the Republican challenger.
Cowden Associates will continue to monitor proposals and be an advocate for an equitable solution that provides plan sponsors the ability to actively manage their plan(s) and provide meaningful benefits to members.
[i] United States. Congress. Senate & House. Joint Select Committee on Solvency of Multiemployer Pension Plans. Hatch, Brown Commit to Continued Work on Pension Crisis Past Nov. 30. Washington: U.S. GPO, 2018, https://www.pensions.senate.gov/content/hatch-brown-commit-continued-work-pension-crisis-past-nov-30.