The House-passed budget bill threatens the pensions of 25 million in single-employer pension plans (sponsored by one employer) by undervaluing pension promises and giving companies excessive periods to address underfunding. This is particularly galling in a bill providing massive taxpayer bailouts to union multiemployer plans, which are underfunded due to these very flaws.

If enacted, the provisions will eventually cause retirees to lose benefits, destabilize the Pension Benefit Guaranty Corporation that helps guarantee these pensions, and perhaps bring future taxpayer bailouts.