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• DOL should exercise its oversight of the FRTIB to prohibit investments in China.

• Congress should enact legislation prohibiting investment of the TSP in China.

PENSION REFORMS.

Public Pension Plan Disclosure. Residents of states that responsibly manage their public pension plans (pension plans for State and local government employees) should not be responsible for bailing out states that do not do so. Money is ultimately fungible, so federal aid to States can effectively be used to free up other State funds for pension contributions. Although the federal government does not impose funding rules on public pension plans, these plans should be required to disclose the fair market value of plan assets and liabilities (using the Treasury yield curve as the discount rate) on an annual basis. In the aggregate, these plans were underfunded ona market basis by $6.501 trillion as of Fiscal Year (FY) 2021, even though the plans reported underfunding of only $1.076 trillion using overly optimistic assumptions.

• Disclose the fair market value of plan assets and liabilities. Congress should require public pension funds to disclose the fair market value of plan assets and liabilities (using the Treasury yield curve as the discount rate) on an annual basis.

Multiemployer Plans. At the request of multiemployer union pension plans, the government has given such plans much more lenient rules and discretion over funding than it has given to single-employer plans. Multiemployer plans have been severely mismanaged, and the plans have abused the discretion and deference given them by federal law and enforcement agencies to make promises that they cannot keep. As a result, these plans are generally severely underfunded, with $757 billion in aggregate underfunding, and a funding level ofjust 42 percent. The Biden Administration has provided a massive taxpayer bailout to some of these plans, but without any needed reforms. Even worse, it gave out funds in excess of what the law allows.

• Congress should reform multiemployer pensions to give participants in these plans the same protections as those in single-employer plans. Liabilities should be measured similarly to single-employer plans. Workers should be able to earn benefits at any employer in the plan, but liabilities should be divided amongst employers, instead of the current illusory joint and several liability under which no one is ultimately responsible for making up underfunding. Troubled plans should be prohibited from