Young says imminent pension crisis must be solved ‘once and for all’

U.S. Sen. Todd Young (R-IN) this week urged continued congressional efforts by members of the U.S. Senate Finance Committee to solve an impending multiemployer pension catastrophe threatening the retirement security of his constituents and other Americans around the country.

Roughly 1.5 million Americans are currently at risk of losing their pensions with 195 multiemployer pension plans now in critical or endangered status, according to a Nov. 5 letter that Sen. Young sent to Senate Finance Committee leaders.

“The Central States Pension Fund is the largest multiemployer plan headed toward insolvency,” wrote Sen. Young, noting that more than 22,000 Hoosiers participate in the plan via 116 companies headquartered in Indiana and another 270 companies employing participants residing in the state.

“If no action is taken, Central States and the Pension Benefit Guaranty Corporation will become insolvent in the next five years and retirees will see benefits cut by 90-95 percent,” the senator wrote.

The forthcoming pensions crisis has loomed for many years, according to Sen. Young, who said the nation’s 2008 financial collapse worsened the situation.

“The passage of time will only complicate efforts to solve this matter once and for all,” the lawmaker wrote. “Taxpayer liabilities and the costs of inaction to all parties involved will only grow, which will be devastating to the countless livelihoods at stake.”

Sen. Young noted that he stands ready to help the committee members and their staffs “work with all stakeholders to finally and immediately end longstanding uncertainty about the promised retirement benefits of these hardworking Hoosiers and their families.”