Lawmakers Working to Overhaul Pension Rules

The Washington Free Beacon. By Bill McMorris

...On Tuesday Rep. Phil Roe (R., Tenn.) and Rep. Donald Norcross (D., NJ) laid out their plan to allow companies and unions to transition multiemployer pension plans to a hybrid model combining existing defined benefit plans with 401(k)-style defined contribution plans. The bill would update rules governing traditional pension plans in which multiple employers pay into a system to sustain retirement benefits for a pool of workers not just their own employees—a popular model in the construction and shipping industry.

..."Everyday that goes by that we don't do something [risks] a financial meltdown," Norcross said. "The hybrid takes the best of both systems … and allows plans to grow and flourish."

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