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About 1.3 million Americans could have their retirement funds at risk if Congress can’t come up with the money to pay the benefits people were promised.
That is because a number of multiemployer pension plans are on the brink of running out of money.
This week, Congress took a stab at solving the problem with the markup of the Rehabilitation for Multiemployer Pensions Act.
Though it garnered far less attention than the testimony of Federal Reserve Chairman Jerome Powell, who was on Capitol Hill talking about interest rates and the economy, it was no less important. Retirees’ financial futures hang in the balance if nothing is done, according to lawmakers.
“These are American workers who planned for their retirement and now, after working for 30-plus years, they are facing financial uncertainty at a time when they are often unable to return to the workforce,” said Rep. Richard Neal (D-Mass.), chairman of the House Ways and Means Committee,…