Former Speaker Boehner joins fight to save pensions for 1.3 million retirees

WASHINGTON — Former House Speaker John Boehner is getting involved in the fight to save the pensions of nearly 1.3 million retirees.

Boehner, a former local congressman who retired in 2015, said Wednesday that he and former House Democratic Caucus Chair Joe Crowley will lead the Retirement Security Coalition, which is billed as “a diverse group of employers, labor unions and policy experts dedicated to finding a common ground solution to the crisis.” The coalition includes UPS, the United Association of Plumber and Fitters and the U.S. Chamber of Commerce.

The plan is straightforward: Boehner and Crowley plan to make as much noise as possible to raise awareness of the plight of retirees in endangered multiemployer benefit plans.

About 10 million people participate in multiemployer pension plans, which enable groups of employers to pool their retirement resources. But about 120 plans covering 1.3 million workers are expected to become insolvent over the next two decades, and the Pension Benefit Guaranty Corporation, which assists endangered and failed pension plans, is expected to run out of money by 2025, which means there will be no backup for those whose pension plans go bankrupt.

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So a sudden fit of consciousness has hit Speaker Boehner as he smokes and drinks himself to the graveyard?