GOP Sens. Propose Reform To Tackle Looming Pension Crisis

Law360 (November 21, 2019, 2:35 PM EST) -- Expanding the Pension Benefit Guaranty Corp.'s authority and requiring retirees to turn over a portion of their benefits to the agency in the form of co-payments are among numerous reforms two Republican senators have proposed to address the nation's struggling multiemployer pension system.

U.S. Sens. Chuck Grassley, R-Iowa, and Lamar Alexander, R-Tenn., announced the Multiemployer Pension Recapitalization and Reform Plan in a press release on Wednesday, saying the proposal incorporated the work from the 2018 Joint Select Committee on the Solvency of the Multiemployer Pension System.

"This crisis is severe and gets worse every day. Around 125 multiemployer plans have said...

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