Congress Weighs a Pension Bailout - One Rep. Wants to Bail Out NFL and MLB Players Pension Funds
WASHINGTON—U.S. lawmakers are laying the groundwork for a possible federal bailout of some faltering pension plans that are jointly run by companies and unions.
The effort reflects a worrisome new problem in the nation's troubled retirement-savings system: the grim financial condition of such pension plans, known as multi-employer plans. They are common in the hotel, construction, trucking and other industries, and cover about 10 million workers, or almost one in four workers who have a private pension.
Many multi-employer plans are struggling after years of financial hits and relatively light regulation. In the past two years, almost 400 plans have announced they are in bad condition, according to lawmakers.
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Rep. Ginny Brown-Waite (R-FL) Wants to Bail Out NFL and MLB Pension Funds
Americans for Limited Government (ALG) has sent a letter to 9 House Republicans urging that they withdraw their support from legislation providing a taxpayer bail-out of labor union run pension funds. One of these Republicans is Ginny Brown-Waite (FL-5). Among the union pension funds in critical danger are those run by the Major League Baseball Players Association (MLBPA), the National Football League Players Association (NFLPA)
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The effort reflects a worrisome new problem in the nation's troubled retirement-savings system: the grim financial condition of such pension plans, known as multi-employer plans. They are common in the hotel, construction, trucking and other industries, and cover about 10 million workers, or almost one in four workers who have a private pension.
Many multi-employer plans are struggling after years of financial hits and relatively light regulation. In the past two years, almost 400 plans have announced they are in bad condition, according to lawmakers.
more
Rep. Ginny Brown-Waite (R-FL) Wants to Bail Out NFL and MLB Pension Funds
Americans for Limited Government (ALG) has sent a letter to 9 House Republicans urging that they withdraw their support from legislation providing a taxpayer bail-out of labor union run pension funds. One of these Republicans is Ginny Brown-Waite (FL-5). Among the union pension funds in critical danger are those run by the Major League Baseball Players Association (MLBPA), the National Football League Players Association (NFLPA)
more
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