With 10,000 people turning 65 every day, our nation should be doing everything possible to protect the pensions of those who have worked hard their entire lives and are counting on those benefits during their retirement years. Instead, pensions are increasingly coming under attack — for those still in the workforce, and for people who are already retired and living on the pensions they have earned.
Congress recently held hearings on the solvency of multiemployer pension plans. These are benefit plans in which many employers contribute to a common fund, typically maintained jointly by unions and union employers under collective bargaining agreements. These plans cover over 10 million American workers and are found in industries like construction, arts and entertainment, retail and communications.
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