Pension Crisis Fix to Cost $34B, Far Less Than First Estimated (1)

A potential legislative solution to the crippling insolvency among multiemployer pensions would set the government back $34 billion over the next 10 years, Sen. Sherrod Brown (D-Ohio) said Sept. 12, citing the Congressional Budget Office.

The finalized estimate for the Butch Lewis Act of 2017 (S.2147), which would provide government-backed loans to financially struggling plans while avoiding cuts to retiree benefits, is significantly less than a previous 10-year estimate that the measure would cost the government up to $100 billion, Brown’s office said.

The estimate comes two months before a bipartisan committee set up to solve the mutltiemployer ...