One campaign issue that is drawing more deserved attention is the looming pension crisis soon to impact a household near yours. Of the more than 1,300 multi-employer plans, 130 are in serious financial difficulty. These various plans were set up, underwritten and guaranteed by an Act of Congress in 1974, known as the Employee Retirement Income Security Act. Combined, these plans fuel 20% of the economic engine of the country. In Minnesota, there are nearly 280,000 plan participants. They pump millions and millions of discretionary dollars into our state economy. The money is spent here. The time has come to address this bipartisan issue. We must demand politicians and community leaders act soon.
Of our eight House members, 6 support pension reform, as do both our U.S. Senators. A bill within the HEROES ACT that addresses the crisis sits on the Senate leader's desk without any action.
Many of the pensioners affected would find it very difficult to go back to work if their pensions failed, due mainly to health issues.
If the largest of these pension plans fails, the insurance to backstop them would go bankrupt as well, leaving retirees with no pension at all. One of the largest of these is facing insolvency within 5 years, if no action is taken now. Remember, 65% of retirees are veterans. They fought for us, now let’s fight for them.
Dan Ganley, St. Anthony