Calling being present, the subcommittee on health labor and pensions will come to order. Good morning and welcome to todays subcommittee hearing on the financial challenges facing the Pension Benefit Guaranty Corporation and more importantly the impact to workers and retirees, George Miller was a proud liberal lion of this committee. While we very often disagreed, the years that i served with him on this committee, i admired his commitment to ensuring americans have the ability to retire with dignity. In 2014, he worked with john kline, then our chairman, to try to solve a real problem. A retirement system on the brink of collapse. They put politics aside, worked with employers and labor unions and negotiated a set of reforms to the multiemployer Pension System in order to provide benefits for millions of workers. President obama signed this bipartisan approach into law in 2014. The law was based on the premise that the Plan Trustees who have a legal and moral obligation to pensioners
Plan sponsors, recordkeepers and payroll providers face many challenges when it comes to implementing the SECURE 2.0 provision requiring certain catch-up contributions to be made on a Roth basis.