The Rehabilitation for Multiemployer Pensions Act of 2019: No Solution to America’s Pension Crisis
The House of Representatives just passed a bill that would bail out private union pension plans by giving them taxpayer dollars to invest in the stock market, as well as loans to cover their broken pension promises, which amount to $638 billion and counting. The bailout-without-reform plan would do nothing to fix the underlying problems and would instead incentivize union pension plans to become more underfunded so they could receive taxpayer funds. Risking taxpayer money in the stock market and making loans to insolvent pension plans is no solution. Instead, Congress should improve the Pension Benefit Guaranty Corporation’s solvency, prevent plans from overpromising and underfunding pensions, and help plans minimize pension reductions across workers.
Read More: @Heritage
