House Education and the Workforce Committee Chairman John Kline (R-MN), Education and the Workforce Committee Senior Democrat George Miller (D-CA), Health, Employment, Labor, and Pensions Subcommittee Chairman Phil Roe (R-TN) and Health, Employment, Labor, and Pensions Subcommittee Senior Democrat John Tierney (D-MA) issued the following joint statement after the Pension Benefit Guaranty Corporation (PBGC) released its latest financial projections report:
The latest PBGC report confirms in stark detail the significant challenges confronting the multiemployer pension system. The systemic crisis we face threatens countless workers, employers, and retirees, and could ultimately harm American taxpayers, as well. We have an obligation to advance reforms that will modernize the system, encourage employer participation, protect taxpayers, and offer new tools to help rescue troubled plans. We continue to work together to find common ground and a responsible legislative solution. The American people deserve nothing less.