U.S. senators are gearing up for a battle over how to fix the pensions of about 1.3 million retirees and workers in trucking, mining and other industries, The Wall Street Journal reported. These workers are covered by multiemployer pension funds. The Democratic-controlled House of Representatives approved a $48.5 billion package that offers forgivable loans to the most troubled plans. Senate Democrats introduced the same legislation, but its proposal is unlikely to gain the necessary votes from Republicans. The growing need for new capital is setting the stage for a showdown in the coming months after a government plan to address the issue missed its deadline last year. Many of the retirement funds have less than a decade of benefits left. Moreover, the government insurance program that backstops these pensions has warned it expects to run out of money by 2025.
