Proposed legislation that would bail out the more than 100 multiemployer pension plans headed for insolvency would require massive infusions of taxpayer dollars, according to testimony presented to Congress this week.
When pressed for an exact figure, Thomas Reeder, director of the Pension Benefit Guaranty Corp., could not give a precise amount, but said it would be "exponentially more" than the cash needed to keep the multiemployer insurance program solvent.
"Tens of billions of dollars?" asked Rep. Tim Walberg, R-MI, chair of the House subcommittee on Health, Employment, Labor and Pensions.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
