EU taxpayers could soon be coughing up €23 million per year to bail out a pension scheme for hundreds of former European parliamentarians that is poised to implode, Politico reports Thursday.

Top European Parliament officials are racing to try and rescue a legacy pension fund that faces a €308 million shortfall and could run out of money as soon as 2024.

“The fund will run out of capital soon,” states an internal document prepared by the Parliament’s top civil servant Alessandro Chiocchetti, and seen by POLITICO, which says the fund benefiting hundreds of former EU lawmakers faces a “dramatic financial situation.”

Senior MEPs discussed the document at a closed-door meeting in Strasbourg on Monday last week, but have not yet decided what to do.

“The option of doing nothing about it is clearly off the table,” a Parliament spokesperson said.