Our month-long celebration of philanthropy comes to an end. On Friday, February 19, we pivot to pension reform with a new episode called, Pension Reform and the New Congress. Will the new Democratic majority in both Houses of Congress act on much-needed pension reform? I invited Jack Marco, retired chairman of Marco Consulting, back to the podcast to give some perspective and help us get the conversation started.
Approximately, 130 beleaguered plans are projected to run out of money over the next two decades. The coronavirus pandemic has only acerbated this problem and threatens to push that number even higher.
Since 2014, the 400,000 workers and retirees within the Central States Pension Fund (CSPF) are expecting their fund to be insolvent by 2025. According to the Fund’s Financial and Analytical Report, the CSPF lost $557 million in the first quarter of 2020. The fund paid out $2.8 billion in benefits but only brought in $624 million of employer contributions leaving a net loss of nearly $2.2 billion.
How Did We Get Here?
Who’s to blame? And how do we fix it? Over the next few podcasts, I hope to raise a lot of these questions. There is much to unravel, and the time to act is now.
In this audio clip from Pension Reform and the New Congress with Jack Marco only on The World of Multiemployer Benefit Funds Podcast, Jack identifies one of the issues that contributed damage to these struggling plans:
Pension reform needs serious discussion and serious intervention. Millions of workers and retirees rely on these plans. I hope to sift through the solutions and help alleviate any fears members may have. I hope you’ll join me on The World of Multiemployer Benefit Funds over the next few podcasts as we unlock the mysteries of pension reform.
About The World of Multiemployer Benefit Funds Podcast
Listen to the full podcast with Jack Marco on Pension Reform and the New Congress, click HERE
Full podcast episodes of The World of Multiemployer Benefit Funds with union and client advocate, Traci Dority-Shanklin, are available on Apple Podcasts or check out our full library of podcasts.
Join the conversation. Be informed. Be inspired. Be part of the change!