According to S-SPAN, Joshua Gotbaum, director of the Pension Benefit Guaranty Corporation, testified on the challenges facing multiemployer pension plans at a House Education and the Workforce Subcommittee on Health, Employment, Labor, and Pensions hearing, held Wednesday.
The hearing looked at the PBGC's insurance program and financial outlook.
PBGC faces $7 billion in future obligations since an aging workforce, weak economy and fewer contributing employers have made the multiemployer pension system and plans rely more on PBGC for financial assistance.
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