Joshua Gotbaum, director of the Pension Benefit Guaranty Corporation (PBGC), testified on the challenges facing multiemployer pension plans at a House Education and the Workforce Subcommittee on Health, Employment, Labor, and Pensions hearing.
The hearing looked at the PBGC's insurance program and financial outlook.
PBGC faces $7billion in future obligations since an aging workforce, weak economy and fewer contributing employers have made the multiemployer pension system and plans rely more on PBGC for financial assistance.
Provisions in legislation to strengthen the multiemployer pensions, passed in 2006, are set to expire and policymakers are expected to consider possible reforms during the 113th Congress.
Gotbaum, who was appointed to the position in 2010, is responsible for the agency's management, personnel, organization, budget and investments. He is an advocate for preserving pension plans whenever possible and has worked to expand retirement options in both the public and private sector.
Rep. Phil Roe (R-TN) chaired the hearing.