WASHINGTON, DC - Today, at the Joint Select Committee on Solvency and Multiemployer Pensions hearing on the structure and financial outlook of the Pension Benefit Guaranty Corporation, Ways and Means Ranking Member Richard Neal (D-MA) asked W. Thomas Reeder, Director of the Pension Benefit Guaranty Corporation, why the retirement crisis has not received the same attention as other pressing issues:
“From time to time we discuss the realities of what’s happened with 401K plans, the catch-up provisions, that after the recession people are working longer. There’s been pretty staggering consequences for retirement, and yet it doesn’t seem to be gaining the same traction that many other controversial issues do every day in America, when you consider that there are people who are looking at - in the audience perhaps today - who are looking at their pensions being cut in half."
Congressman Neal’s full line of questioning can be viewed HERE.
Rep. Neal has introduced H.R. 4444, the Rehabilitation for Multiemployer Pensions Act, which has the bipartisan support of 148 members of the House of Representatives.
