Multiemployer Pension System

Floor Speech

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Mr. GRASSLEY. Madam President, quite often in our newspapers, you can read about a lot of city and State pension funds that are in trouble. There is one at the national level we have to deal with, so today I speak about the multiemployer pension system problems and the need for reform.

According to the Pension Benefit Guaranty Corporation's annual projections--and those reports were released last week--there is a very big need for reform. That is as important as ever and getting more important every day.

The report estimates that the Multiemployer Insurance Program will become insolvent in 2026. That is a year later than predicted last year, so people might feel a little more comfort, but that is only because we gave relief last year to the mineworkers' plan. What is worse is that insolvency will come at the same time that the Central States Pension Fund will become insolvent, then creating an even bigger strain on the PBGC's insurance fund.

Reaching a bipartisan reform agreement continues to be critically important. I am very encouraged by recent indications from my Democratic colleagues that they are interested in working with us to find a solution--a solution that will strengthen this important part of our retirement system while ensuring that taxpayers aren't left holding the bag again in the future.

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