Ranking Member Scott Statement on Appointment to Special Congressional Committee Addressing Multiemployer Pension Crisis
WASHINGTON – Education and the Workforce Committee Ranking Member Bobby Scott (VA-03) issued the following statement after being appointed by House Democratic Leader Nancy Pelosi to the Joint Select Committee on the Solvency of Multiemployer Pension Plans (Joint Select Committee). Ranking Member Scott is one of only 16 Members of Congress to be appointed to it. Established by the Bipartisan Budget Act of 2018, the Joint Select Committee is responsible for putting forward solutions to Congress before the year’s end to significantly improve the solvency of multiemployer pension plans and the Pension Benefit Guaranty Corporation (PBGC).
“I am honored to be appointed by Leader Pelosi to this Joint Select Committee. Many multiemployer pension plans are in financial crisis. If these plans fail as is currently projected, hundreds of thousands of retirees across the country would see devastating reductions to their pensions. These retirees earned their pensions in demanding industries such as construction, trucking, and mining, and through no fault of their own, their pensions are now in jeopardy.
“But – make no mistake, it is not just retirees who are at risk. Participating employers and local economies would be negatively impacted if plans fail. Failure to act would likely result in an increased strain on the social safety net and reduced federal and state tax revenue. It is imperative that the Joint Select Committee deliver a responsible, bipartisan solution for Congress to consider later this year. Millions of workers, families, and retirees are counting on us — and the longer Congress waits to act, the more difficult and more expensive the problem will be to solve. I look forward to getting to work on this Joint Select Committee and addressing this urgent crisis threatening Americans’ retirement security.”
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