Multiemployer pension funds — which are responsible for the retirement accounts of more than 1.3 million Americans — grew rapidly in popularity over the last several decades but now face a crisis, with roughly 10 percent at risk of going bankrupt. The federal government is supposed to serve as a lender of last resort for these at-risk Americans, but unfortunately congressional legislation threatens to entrench the risk these Americans are facing rather than make meaningful reforms to strengthen the system.
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