Name: Democrats' COVID-19 Relief Bill Shores Up A Million People's Pensions. That's A Huge Deal.
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Democrats' COVID-19 Relief Bill Shores Up A Million People's Pensions. That's A Huge Deal.

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×U.S. EditionPart of HuffPost Politics. ©2022 BuzzFeed, Inc. All rights reserved.×AdvertisementAs the most troubled funds start to run out of money, so will the multiemployer pension program at the Pension Benefit Guaranty Corporation (PBGC), the government-run entity that insures the plans. Due to the bad fiscal shape of more than a hundred multiemployer plans, the PBGC projects that its insurance program would become insolvent by 2026. If that happened, the PBGC would fail to cover the benefits retirees are owed, leaving many with pennies on the dollar.“If Congress did not help, retirees could end up with pennies on the dollar for their hard-earned pensions.”AdvertisementThe pension fix didn’t come without a tradeoff. Because they imposed a cap of $1.9 trillion on the whole plan, Democrats chose to during negotiations in order to free up money for the pension funding. David Brenner, a pension expert at Segal Consulting, a firm that advises multiemployer funds, called the measure in the relief bill “a discrete fix for a defined group of plans.”“This does allow a narrow subset of troubled plans to avoid having to make the painful move of reducing benefits for already retired participants,” Brenner said in an email to HuffPost. “It also provides the option for plans that have made that move to possibly reverse that decision.”He said measure buys a lot of time to come up with long-term policy solutions to bolster other multiemployer plans that run into trouble, although it does not resolve a broader problem in the United States: “the inability of a very wide swath of workers being able to retire with financial security and dignity.”Advertisement“We can protect retirees’ hard-earned pensions and spare folks a lot of harm, or we can kick the can further down the road.”- Rep. Bobby Scott (D-Va.)AdvertisementAdvertisementSuggest a correctionNewsletter Sign UpHuffPost's top politics stories, straight to your inbox.Successfully Subscribed!Realness delivered to your inbox

×U.S. EditionPart of HuffPost Politics. ©2022 BuzzFeed, Inc. All rights reserved.×AdvertisementAs the most troubled funds start to run out of money, so will the multiemployer pension program at the Pension Benefit Guaranty Corporation (PBGC), the government-run entity that insures the plans. Due to the bad fiscal shape of more than a hundred multiemployer plans, the PBGC projects that its insurance program would become insolvent by 2026. If that happened, the PBGC would fail to cover the benefits retirees are owed, leaving many with pennies on the dollar.“If Congress did not help, retirees...

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Democrats' COVID-19 Relief Bill Shores Up A Million People's Pensions. That's A Huge Deal.

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