Important legislation is being developed/debated in Washington DC related to protecting and preserving “Critical and Declining” multi-employer defined benefit plans and the PBGC in the process. Regular readers of the KCS blog know that we have been actively involved in supporting and presenting the Butch Lewis Act as the legislation best suited to accomplish this objective.
For those of you involved in the retirement industry, this Joint Select Committee will have an impact on the funds and participants that we serve, but also the service providers, too. Consultants, actuaries, investment managers, custodians, trading desks, data providers, etc. could see a major reduction in the number of DB plans if legislation isn’t passed that preserves these critically important plans.
We would encourage you to reach out to your legislators regarding the Butch Lewis Act. Encourage them to support the creation of Federal legislation that would provide low-cost loans to these nearly insolvent plans that would go a long way to preserving the promised benefits.
Here is a link to the official Joint Select Committee website. One can find information on the 16 members, news clips, documents, and hearings.