closeup of U.S. capitol Mary Moorkamp, chief legal and external affairs officer for Schnuck Markets, told lawmakers the company’s withdrawal liability has been assessed at $281 million. Of Schnuck’s 13,000 employees, only 200 are union workers in the Central States Pension Plan. (Photo: Mike Scarcella/ALM)

Update 6-15-18 – Correction: A previous version of this story cited Egger Steel Company’s withdrawal liability at $9.1 million, when it is actually $2.1 million.

Three executives from businesses invested in multiemployer pension plans and a representative from the U.S. Chamber of Commerce told members of the Joint Select Committee on the Solvency of Multiemployer Pension Plans that exorbitant withdrawal liabilities on employer-sponsor balance sheets are crushing employers’ ability to compete.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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