Roe Calls for Bipartisan Action Following PBGC Annual Report
WASHINGTON D.C. - Today, Rep. Phil Roe, M.D. (R-Tenn.) released the following statement after the Pension Benefit Guaranty Corporation (PBGC) released its Fiscal Year (FY) 2019 Annual Report:
“The PBGC FY 2019 Annual Report shows what we have known for years: the multiemployer pension program is in crisis and is getting worse each day Congress fails to pass serious reforms. If Congress does nothing, by 2026, retirees will have their benefits slashed to pennies on the dollar when PBGC becomes insolvent. Pushing partisan solutions like the Butch Lewis Act hurts both current and future retirees, whose retirement is further jeopardized every day Congress fails to act. I am hopeful the Senate will take a more bipartisan approach to protect retirees and enact the desperately-needed reforms to multiemployer pensions to address these structural issues once and hopefully for all. We need to get together on a bipartisan, bicameral basis, and agree on a shared solution to help prevent further financial strain on retirees in failing plans.”
Note: The PBGC FY 19 Annual report shows the PBGC multiemployer pension program deficit increased to $65.2 billion in FY 19, up from $53.9 billion in FY 18. The PBGC projects the multiemployer program is likely to become insolvent by FY 2026.