CONGRESSIONAL SUPERCOMMITTEE ON MULTI_EMPLOYER PENSION PLANS FAILS TO REACH BI-PARTISAN PLAN FORWARD
With its ranking members retiring at the end of the year, the work of the Congressional Pension Supercommittee will be continued by the U.S. Senate Committee on Health, Education, Labor and Pensions, to be chaired by Sen. Alexander. While several bi-partisan solutions were examined, none were adopted, including a business supported loan program. The multi-employer pensions include several large union pension plans, including the Central States Pension Fund. “While it will not be possible to finalize a bipartisan agreement before Nov. 30, we believe a bipartisan solution is attainable, and we will continue working to reach that solution,” Committee Co-Chairs Sherrod Brown (D-Ohio) and Orrin Hatch (R-Utah) said in a written statement to Politico. The committee considered various proposals over the past few months but was unable to reach a final consensus on any. Any work the supercommittee performs going forward will presumably have to be completed by Jan. 3 when Hatch retires.
Sen. Lamar Alexander (R-Tenn) said Thursday that in the next Congress the HELP Committee, which he chairs, will pick up where the supercommittee leaves off. “We will have no choice but to do that,” Alexander said during an executive session of the committee. Alexander has already discussed the task with Ranking Member Sen. Patty Murray, he said, and worked out jurisdictional kinks with the Finance Committee. More on the HELP committee’s plans here and on the extension here