Business and labor don’t agree on all that much, but representatives of the two sectors have joined to collaborate on the Partnership for Multiemployer Retirement Security. The partnership on Tuesday released a report, billed as offering private sector solutions, to help shore up ailing pension plans.
“To protect multiemployer retirement security without taxpayer bailouts, we need solutions that address the long-term challenges facing both business and labor. The proposals in this report do just that,” Randy DeFrehn, executive director of the partnership, said in a statement. “We are offering self-help solutions, we are not seeking taxpayer bailouts.”
The recommendations include changes to the Pension Protection Act and new laws or regulations that would facilitate new pension plan structures, among others.
“We urge lawmakers to come together, like we have, to take action on these recommendations to ensure that multiemployer plans continue to provide reliable retirement security for millions of workers while helping to prevent bailouts down the road,” Salvatore Chilia, international secretary-treasurer of the International Brotherhood of Electrical Workers, said in the partnership’s joint press release.
Vice President Joe Biden waits to conduct a mock swearing-in ceremony with Sen. Brian Schatz, D-Hawaii, in the Capitol's Old Senate Chamber, December 2, 2014. Schatz was sworn in to serve the remainder of his term since he was appointed to the seat after Sen. Daniel Inouye, D-Hawaii, passed away.