Former House Speaker John Boehner told FOX Business’ Neil Cavuto in an interview this week that he’s working to combat the looming pension crisis. He and former Rep. Joe Crowley are part of the Retirement Security Coalition, a group working to raise awareness of underfunded multiemployer benefit plans.
Since the Great Recession, nearly every state has made some changes to pension policy, according to Pew. Some have increased employee contributions, while others have changed the benefits available to new hires or reduced benefits. Still, there’s a funding gap of $1.28 trillion between the pensions’ assets and their total obligations to workers and retirees.
“The job Joe and I have taken on is to try to elevate the seriousness of this problem,” Boehner said. “And Congress really does in fact need to act.”
Boehner said millions of retirees’ pensions “are on the line.”
These are the states with the biggest pension funding gaps, according to Pew’s analysis:
33.9 percent funded
35.8 percent funded
38.4 percent funded
45.7 percent funded