New Plan Drafted by the Partnership for Multiemployer Retirement Security Proposes Solutions to Protect Multiemployer Pension Plans, Avoid Taxpayer Bailouts
Hanover, MD — This week, the Partnership for Multiemployer Retirement Security released a report outlining a number of reforms for multiemployer pension plans that will enable those plans to continue to provide a secure retirement for the working class Americans who belong to them, while protecting taxpayers from further risk.
“The International Union of Painters and Allied Trades (IUPAT) welcomes these proposed reforms, and we urge Congress to consider them in this session for enactment in late 2013,” said Jim Williams, IUPAT general president and labor co-chair of the IUPAT Industry Pension Fund.
The Partnership worked over the course of 18 months to develop the plan in conjunction with the National Coordinating Committee for Multiemployer Plans’ Retirement Security Review Commission and over 40 stakeholders from both business and labor. The report, “Solutions not Bailouts: A Comprehensive Plan from Business and Labor to Safeguard Multiemployer Retirement Security, Protect Taxpayers and Spur Economic Growth,” can be downloaded HERE.
This report offers specific, private sector solutions for reform that will improve the retirement security of plan participants, enhance the ability of plans to retain contributing employers and help prevent the need for taxpayer bailouts.
“This plan from both business and labor is a serious one and merits a hard look from Congress,” said Williams. “A large segment of American workers have been dutifully paying into a pension plan for years and they deserve the peace of mind that they’ll get the retirement they’ve been saving for. These private sector solutions will ensure that multiemployer plans continue their mission of providing reliable retirement security to millions of hardworking Americans while protecting taxpayers.”
Learn more about the plan at www.SolutionsNotBailouts.com.