Sixteen members of Congress are holding their first meeting March 14 as part of their task to find solutions to fix the pensions of up to 1.5 million employees and retirees.

The House-Senate Joint Select Committee on Solvency of Multiemployer Pension Plans has until the end of November to propose legislation to fix the ailing multiemployer pension system. Multiemployer plans are set up through collective bargaining between unions and employers in the same industry, such as trucking and construction.

The...