Pensions Need Help From Congress

The House plans to vote on a COVID reconciliation bill this week. It is vital that Members of Congress support the pension provisions it contains.

Before the pandemic, a small but important group of multiemployer pension plans was heading toward insolvency. These insolvencies will cause the federal government’s Pension Benefit Guaranty Corporation (PBGC) to become insolvent. These insolvencies will cause 1.3 million Americans to lose about 98 percent of their pension income and be forced onto the federal government’s poverty safety net programs. This will also force thousands of businesses into bankruptcy or liquidation, costing tens of thousands of active workers their jobs.