US. More than 1 million workers, retirees at risk of losing pensions, businesses tell Congress
The pension crisis that threatens the retirement savings of 1.5 million Americans also poses the risk of driving the U.S. economy into a tailspin, a panel of witnesses told a congressional panel.
Witnesses from the U.S. Chamber of Commerce and businesses, including UPS, told the Joint Select Committee on the Solvency of Multi-employer Pension Plans that should the estimated 150 to 200 multi-employer pension plans that are in danger become insolvent, the companies that paid into those plans would be held liable. That would drive many of the companies into bankruptcy. Under current rules, employers can’t leave plans in crisis without paying large sums or declaring bankruptcy.
“This is not a future crisis,” Aliya Wong, executive director of retirement policy at the U.S. Chamber of Commerce, said. “It is a current crisis.”
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