John Topoleski's MyC-SPAN

Debate continued on H.R. 2461 Dept. of Defense authorization for FY 1990 and 1991 for military functions and prescription of personnel levels.

Thomas Reeder, director of the Pension Benefit Guaranty Corporation (PBGC), testified before a House Education and Workforce subcommittee on challenges facing his agency. Mr. Reeder said he expects the PBGC’s Multiemployer Program to become insolvent by the end of 2025, absent changes in the law. The PBGC is a federal agency that ensures pensions of workers and retirees in the private sector defined pension plans. The program is funded by insurance premiums set by Congress from employers and investments. This is only a portion of the hearing due to technical difficulties.