Old North News

WASHINGTON – Today, Health, Employment, Labor, and Pensions Subcommittee Chairman Bob Good (R-VA) delivered a strong statement during a hearing focused on overseeing the Pension Benefit Guaranty Corporation (PBGC).

In his address, Chairman Good emphasized the importance of accountability and oversight, directing his remarks towards Mr. Hartogensis, the outgoing Director of the PBGC. Good highlighted the significance of the PBGC in safeguarding the retirement benefits of 31 million Americans with private pension plans.

Citing the original intent behind the creation of the PBGC as an insurance provider for private pension plans, Chairman Good expressed concern over recent deviations from the organization's self-sustaining model, particularly under the Biden administration. He criticized the $91 billion bailout provided to a failing multiemployer pension fund through the American Rescue Plan Act, pointing to mismanagement and neglect within the PBGC.

Chairman Good raised specific instances of misallocation of funds, including the disbursement of millions to deceased individuals and intentional misuse of interest rate data, resulting in significant losses to the Treasury. He also highlighted disparities in relief efforts, noting the lack of support for solvent single-employer pension plans despite their financial stability.

The Chairman underscored the need for policymakers to address challenges threatening retirement security, such as inflation impacting personal savings, potential cuts to Social Security benefits, and the influence of bureaucratic decisions on pension programs' stability.

In conclusion, Chairman Good urged for a renewed focus on upholding promises to American workers with pension plans while advocating for increased transparency, accountability, and stringent oversight within the PBGC.