The outgoing and incoming chairmen of the Senate Finance Committee said Monday they are committed to saving the nation’s multiemployer union pension plans.

“We owe it American workers to do everything feasible to ensure that retirees receive the promised pension benefits they worked hard to achieve,” said the current chairman, Oregon Democrat Ron Wyden, and the expected new chairman come January, Utah Republican Orrin Hatch.

The key senators’ joint statement came in the wake of a Pension Benefit Guarantee Corporation report claiming many of the one out of every 10 workers in significantly underfunded multiemployer plans could see them fail in the next decade.

“When the (multiemployer protection) program becomes insolvent, PBGC will be unable to provide financial assistance to pay guaranteed benefits for insolvent plans,” Acting PBGC Director Alice Maroni said in the report.

The deficit in the agency’s multiemployer insurance program increased nearly five-fold in the 2014 government fiscal year to $42.4 billion.

PBGC insures 1,400 multiemployer plans covering more than 10 million workers.