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On August 27, the Chamber's Vice President of Retirement Policy, Chantel Sheaks, testified to the 2021 Advisory Council on Employee Welfare and Pension Benefit Plans on Gaps in Retirement Savings Based on Race, Ethnicity and Gender.
This testimony was presented to the 2021 Advisory Council on Employee Welfare and Pension Benefit Plans Meeting on “Understanding Brokerage Windows in Self-Directed Retirement Plans.”
The latest in multiemployer policy.
Sometimes, the best solution is to give businesses the tools they need to help themselves.
Although short in length, Section 3608 of the CARES Act is a powerful tool for employers that sponsor defined benefit pension plans. Congress recognized that in these uncertain times, employers were facing a dilemma: make pension contributions (for obligations that won’t be due in years) or make payroll and other short term costs. To help, Congress included Section 3608 in the CARES Act which allows plan sponsors to delay any required 2020 contributions to their defined benefit plans until January 1, 2021.
“The most threatening issue to our company’s survival beyond 2020 may not be the pandemic, oil shocks, or civil unrest, but the failure to support and reform the multiemployer pension system.”
Many small business owners struggle to provide retirement savings plans. With MEPs, small business employees can secure healthy retirements.
As the multiemployer pension funding crisis looms, its now up to the Senate to act.
In a politically divided nation, the Senate has the rare opportunity to pass the SECURE Act to secure Americans' retirement.