On November 20, 2019, Senators Charles E. Grassley and Lamar Alexander released a white paper and accompanying technical explanations describing their proposed Multiemployer Pension Recapitalization and Reform Plan, which is their strategy to address the projected insolvency of approximately 125 multiemployer pension plans and the projected failure of the Pension Benefit Guaranty Corporation multiemployer program which is intended to backstop insolvent pension plans. This alert summarizes key aspects of the proposed legislation.