More than one million Americans participate in multiemployer pension plans nationwide that are projected to become insolvent in the foreseeable future. Like so many others, Central States Pension Fund has become severely underfunded and is in critical and declining status. Without urgent Congressional action this year, the Fund is projected to run out of money by 2025 or sooner – and will then be unable to pay any retiree benefits.

The federal Pension Benefit Guaranty Corporation is also projected to run out of money by 2025. If that happens, pension benefits for all 400,000 Central States participants—and participants of other insolvent multiemployer funds—would be reduced to essentially zero.

This would have a devastating impact on retirees and active workers across the country who depend on their multiemployer pension benefit for retirement security. Many retirees will lose their homes and become unable to afford basic necessities like medication and groceries. These hard-working Americans will be forced to turn to government safety net programs just to get by.

This massive loss of retirement income will cause local economies to suffer. Additionally, many businesses large and small that contribute to Central States face the prospect of bankruptcy should the Fund become insolvent.

It is imperative that Congress and the White House take action now to solve this national crisis. It is imperative that the Joint Select Committee on Solvency of Multiemployer Pension Plans produce legislation by November 30 that effectively protects struggling funds like Central States, and that this legislation is passed by Congress and signed into law by the President.