Joint Letter to Congress – Oppose Taxpayer Bailouts for Private Pension Plans

Letter To The HillJoint Letter to Congress – Oppose Taxpayer Bailouts for Private Pension PlansEmployers that overpromised and under delivered must change their ways before taxpayers step in.

Budget & Tax,  | Data & Documents
Nov 15, 2019  | 50 sec read | Print Article

Taxpayers for Common Sense joined 18 other organizations in a letter to Congress opposing no-strings attached financial bailouts for bankrupt private sector pension plans. For decades many private sector employers have underfunded their employee pensions plans, meaning the plans may not be able to fund the retirement benefits as promised. The Congressional Budget Office estimates the total shortfall in plans at approximately $600 billion. There are efforts in Congress to provide relief for some of these pension plans. The legislation currently being discussed, however, fail to include reforms necessary to address irresponsible practices that caused these problems in the first place.