[Congressional Record Volume 166, Number 165 (Wednesday, September 23, 2020)]
[Senate]
[Page S5795]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      MULTIEMPLOYER PENSION SYSTEM

  Mr. GRASSLEY. Madam President, quite often in our newspapers, you can 
read about a lot of city and State pension funds that are in trouble. 
There is one at the national level we have to deal with, so today I 
speak about the multiemployer pension system problems and the need for 
reform.
  According to the Pension Benefit Guaranty Corporation's annual 
projections--and those reports were released last week--there is a very 
big need for reform. That is as important as ever and getting more 
important every day.
  The report estimates that the Multiemployer Insurance Program will 
become insolvent in 2026. That is a year later than predicted last 
year, so people might feel a little more comfort, but that is only 
because we gave relief last year to the mineworkers' plan. What is 
worse is that insolvency will come at the same time that the Central 
States Pension Fund will become insolvent, then creating an even bigger 
strain on the PBGC's insurance fund.
  Reaching a bipartisan reform agreement continues to be critically 
important. I am very encouraged by recent indications from my 
Democratic colleagues that they are interested in working with us to 
find a solution--a solution that will strengthen this important part of 
our retirement system while ensuring that taxpayers aren't left holding 
the bag again in the future.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The senior assistant legislative clerk proceeded to call the roll.
  Mr. McCONNELL. Madam President, I ask unanimous consent that the 
order for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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