WASHINGTON, D.C. — Today, Chantel Sheaks, executive director of retirement policy at the U.S. Chamber of Commerce, released the following statement on the Emergency Pension Plan Relief Act of 2021:
"The U.S. Chamber of Commerce supports Chairman Bobby Scott’s introduction of the Emergency Pension Plan Relief Act of 2021, which aims to protect workers’ and retirees’ pensions and the employers that contribute to them. Without a solution to the multiemployer pension funding crisis, pensions and jobs will be lost as employers and the Pension Benefit Guaranty Corporation face bankruptcy. Furthermore, without a legislative fix, employers that sponsor single-employer plans will face difficulties emerging from the economic damage of the COVID-19 pandemic which significantly increased pension contributions because of lower interest rates, a volatile market, and the decimation of certain industries.
"Retirement security for all Americans is a top Chamber priority. The introduction is a good first step in solving these issues, and we look forward to working with Chairman Scott and Congress."