Links To JSC hearing In Washington, DC 4.18.18

Kennesaw Kid

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Forwarding from Greg Smith of the NE Ohio Committee. For sharing.


In case you missed today's JSC hearing in Washington, DC, here's some info from it...

First the statements from the JSC Co-Chairmen, Senator Hatch and Senator Brown...

https://www.pensions.senate.gov/sites/default/files/4..18%20Hatch%20Opening%20Statement.pdf

and

https://www.pensions.senate.gov/sites/default/files/Brown%20Hearing%20Opening%20Statement%204.18.2018.pdf

and next some info for the hearing prepared by the staff of the JSC...

https://www.pensions.senate.gov/sites/default/files/x-30-18.pdf

and next a statement from one of the witnesses, Mr. Ted Goldman, Senior Pension Fellow, American Academy of Actuaries...

https://www.pensions.senate.gov/sites/default/files/Academy_Testimony_to_Joint_Select_Committee_04182018.pdf

and finally the video of the hearing from the U.S. Senate...

The History and Structure of the Multiemployer Pension System
 
It always comes down to Math. From Ted Goldman's testimony:


I hope my testimony provided the Joint Select Committee context and history leading up to the
development of the current financial challenges facing the multiemployer pension plan system.
Identifying solutions is not part of the scope of today’s hearing, but from a conceptual standpoint the
options are straight-forward. One of three actions must be taken: Either benefits are reduced (this is the
current course if there are no interventions), or contributions to the plans have to increase, or as a third
option, more risk can be taken by plans to achieve prospective investment gains
. Each option presents
pros and cons with very different outcomes to different stakeholders.

 
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