American businesses of every size maintain a long-held commitment to providing voluntary benefits that support the welfare of their workers. As Americans live longer, healthier, and more active lives, retirement security becomes a greater concern—particularly with the uncertainty surrounding government programs like Social Security.
The private employer-provided retirement system has contributed significantly to the retirement needs of millions of seniors. The Chamber and its members are committed to continuing the success of the system and ensuring the long-term retirement security of Americans.
The multiemployer pension plan crisis threatens to bankrupt businesses, eliminate jobs, and leave millions of retirees without a pension.
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The Chamber will work with Congress and the administration to expand retirement coverage and security for Americans and ease administrative burdens for employers and plan sponsors.
The latest in multiemployer policy.
Sometimes, the best solution is to give businesses the tools they need to help themselves.
The event will explore how a united business community can rally a divided nation around a widespread economic recovery, restore good governance, and rebuild our economy for the future.
This Coalition letter was sent to Subcommittee on Social Security, Pensions, and Family Policy Chairman Rob Portman and Ranking Member Sherrod Brown, on Single-Employer Pension Funding Stabilization Relief.
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.
On October 14th, the Congressional Research Service released a report regarding policy options for multiemployer defined benefit plans. Please use the link above to read the full report.
Edward KillenActing CommissionerTax Exempt and Governmental Entities Division999 N. Capitol Street, NWWashington, DC 20224 Carol WeiserBenefits Tax CounselU.S. Department of the Treasury1500 Pennsylvania Avenue, NWWashington, DC 20220
Office of Regulatiosn and Interpretations,Employee Benefit Security AdministrationRoom N-5655U.S. Department of Labor200 Constitution Avenue NWWashington, DC 20201Re: Registration Requirements for Pooled Plan Providers, RIN 1210-AB94
“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.”
From shipping to staffing, the Chamber and its partners have the tools to save your business money and the solutions to help you run it more efficiently. Join the U.S. Chamber of Commerce today to start saving.
Comments to PBGC on Special Financial Assistance Program for Financially Troubled Multiemployer Plans
The Honorable Gordon Hartogensis Director Pension Benefit Guaranty Corporation 1200 K St NW