Over the course of negotiations, sources speaking on background told BenefitsPRO that some Republican members of the committee were angling for an extension of the November 30 deadline. (Photo: Shutterstock)
The Joint Select Committee created to produce a bipartisan rescue for critical and declining collectively bargained pension plans will not report legislation by tomorrow's November 30 deadline, according to a statement from the Committee's co-chairs.
Created earlier this year under the Bipartisan Budget Act of 2018, the Joint Select Committee was comprised of eight Republicans and eight Democrats from both chambers of Congress. Any legislative agreement required five votes from each party before a solution could be reported for a full up-and-down vote in both chambers, according to the Committee rules established by the Budget Act.
'We believe a bipartisan solution is attainable'
“While it will not be possible to finalize a bipartisan agreement before Nov. 30, we believe a bipartisan solution is attainable, and we will continue working to reach that solution,” said Sen. Orrin Hatch, R-UT, and Sen. Sherrod Brown, D-OH, co-chairs of the Joint Select Committee, in a statement released today.
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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.
