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 2014 Annual Report, which shows the deficit in the agency's multiemployer insurance program has increased from $8.3 billion to $42.4 billion:
The multiemployer pension system is a ticking time bomb that will inflict a lot of pain on workers, employers, taxpayers, and retirees if Congress fails to act. Today’s report is a sober reminder that time is running out and should serve as a wakeup call for those few naysayers who believe this is too hard to get done. For months we have tried to reach consensus on a package of reforms that would give trustees new tools to avoid insolvency and protect retirees. The time to enact responsible reforms is now, before the bomb goes off.
