U.S. Chamber Supports Transparency for State Pensions

The business organization applauds the bill introduced by Rep. Nunes, which would require local and state governments to report their plans' funded status to the Secretary of the Treasury.

The U.S. Chamber of Commerce recently expressed its support for the Public Employee Pension Transparency Act (pdf) introduced by U.S. Rep. Devin Nunes (R-Calif.). The act would require that state and local government pension plans report to the Secretary of the Treasury the funded status of those plans, and that the information be made publicly available via a searchable website.

“The unfunded liabilities of state and local government pension plans [have] reached crisis proportions with no solution in sight,” said Randel K. Johnson, senior vice president of Labor, Immigration, and Employee Benefits for the U.S. Chamber. “Unfortunately, the one solution governments may turn to as a source of funding is further taxation on private-sector employers and workers. Further, it is hardly fair that the private sector is held to stringent funding requirements under the Employee Retirement Income Security Act, which can adversely affect wages and benefits for workers as funding shortages are addressed, while the public sector often remains free to promise increasing levels of benefits without properly funding those benefits for the future.”

Earlier this year, The Pew Center on the States issued a report (pdf) declaring that state pension plans are underfunded by $1 trillion in the aggregate. In 2008 only four states had fully-funded pension systems – down from over one-half of all states in 2000.

“It’s time for policymakers to come to grips with this grim reality and understand the problems ahead,” continued Johnson. “This legislation will at least require that we have an accurate accounting of the degree of underfunding so that meaningful solutions can be explored, whether at the state or local levels.”

Download Center

HTML - No Current Item Deck
  • Free Safety Management Software Demo

    IndustrySafe Safety Management Software helps organizations to improve safety by providing a comprehensive toolset of software modules to help businesses identify trouble spots; reduce claims, lost days, OSHA fines; and more.

  • The Top 5 Safety and Technology Trends to Watch in 2019

    Get the latest on trends you can expect to hear more about in 2019, including continued growth of mobile safety applications, wearable technology, and smart PPE; autonomous vehicles; pending OSHA recordkeeping rulemaking; and increased adoption of international safety standard, ISO 45001.

  • Get the Ultimate Guide to OSHA Recordkeeping

    OSHA’s Form 300A posting deadline is February 1! Are you prepared? To help answer your key recordkeeping questions, IndustrySafe put together this guide with critical compliance information.

  • Safety Training 101

    When it comes to safety training, no matter the industry, there are always questions regarding requirements and certifications. We’ve put together a guide on key safety training topics, requirements for certifications, and answers to common training questions.

  • Conduct EHS Inspections and Audits

    Record and manage your organization’s inspection data with IndustrySafe’s Inspections module. IndustrySafe’s pre-built forms and checklists may be used as is, or can be customized to better suit the needs of your organization.

  • Industry Safe

OH&S Digital Edition

  • OHS Magazine Digital Edition - January 2019

    January 2019

    Featuring:

    • PREVENTING ERRORS
      Production vs. Safety 
    • EMERGENCY SHOWERS & EYEWASH
      Meeting the Requirements for Emergency Equipment
    • CONSTRUCTION SAFETY
      The State of Contractor Safety
    • FOOT PROTECTION
      The Three Keys to Effective Chemical Management
    View This Issue