Trump administration nominee lacks pensions-related experience
Hartogensis has little prior experience in the pension space. The PBGC protects the pensions of workers and retirees by insuring 24,000 defined benefit plans that cover about 40 million people. The HELP Committee has jurisdiction over private pension plans and has previously held hearings for nominees to be PBGC Director.
"Since the Pension Protection Act of 2006 established that the PBGC Director must be confirmed by the
The Senators continued, "With the
The incoming Director of the PBGC will take over the agency at a critical time. PBGC's multiemployer program is projected to become insolvent by the end of 2025, threatening the retirement savings of millions of hardworking American workers and retirees. Senators Baldwin and Smith have been working on a legislative solution to protect the pensions of more than 40 million Americans, and today are leading their colleagues to ask for a hearing to better understand how the nominee plans to lead the program through this crisis and help it return to solvency.
In addition to Baldwin and Smith, the letter was also signed by Senators
The full letter is available here https://www.baldwin.senate.gov/imo/media/doc/HELP%20Hartogensis%20Hearing%20Request%20Letter.pdf and included below.
Senator
Chairman
Education, Labor, and Pensions
Senator
Ranking Member
Education, Labor, and Pensions
We are writing today to urge you to hold a hearing in the
Since the Pension Protection Act of 2006 established that the PBGC Director must be confirmed by the
Moreover, the PBGC currently protects pension benefits for over 10 million people who participate in more than 1,400 multiemployer defined benefit plans. The PBGC's multiemployer program is projected to become insolvent by 2025, further underscoring the need for stable leadership at the agency over the next several years. Because we know that it is simply not possible to address the multiemployer pension shortfall through investment growth, it is critical that the Committee have an understanding of the nominee's vision to return the plans to solvency.
The PBGC's insolvency would be devastating for the hundreds of thousands of retirees who are unable to reenter the workforce and would receive pennies on the dollar instead of their full pensions. Not only would this devastate the affected retirees and their families, it would also be devastating to the economy, the small businesses that participate in these multiemployer plans, and the active workers who have yet to retire.
With the
It is imperative that the HELP Committee hold a hearing to learn what experience and expertise
Sincerely,
Read this original document at: https://www.baldwin.senate.gov/press-releases/baldwin-smith-call-for-hearing-on-trump-nominee-for-pbgc
Senators Say Director of PBGC Should Have Pensions Experience, Fight for Workers and Retirees
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