Kline Statement on Annual Pension Report

Statement

House Education and the Workforce Committee Chairman John Kline (R-MN) issued the following statement after the Pension Benefit Guaranty Corporation (PBGC) released its FY 2016 Annual Report, which shows the deficit in the agency's multiemployer insurance program has increased from $52.3 billion to $58.8 billion:

Once again, we are reminded of a serious threat facing workers, retirees, employers, and taxpayers. We took significant bipartisan steps in 2014 to address this threat and protect the financial security of retirees who are at risk of losing everything. Unfortunately, recent actions taken by the administration have only undermined those important efforts. Trustees must be afforded the opportunity to use the tools they have under current law to save plans from insolvency.

As this report clearly shows, a challenge of this magnitude will require an ongoing bipartisan commitment to advance further reforms. There is no escaping the fact that tough decisions must be made to shore up the fiscal health of the PBGC, modernize the multiemployer pension system, and provide workers more retirement options. I hope my colleagues on both sides of the aisle will accept this reality and work together to advance the responsible solutions the American people urgently need.

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