A report from the National Institute on Retirement Security shows spending from retirees that receive income from multiemployer pension plans helps the economy, but that could be affected if the multiemployer pension crisis is not resolved.
The union plan’s board of trustees has agreed to pay $8.75 million and issue a request for proposals for recordkeeping and administrative services.
The appellate court disagreed with a district court conclusion that the multiemployer plan had not shown sufficient continuity of business operations to support successor liability.
The agency says the financial assistance, together with benefit reductions that are required as a condition for receiving PBGC assistance, will help the United Furniture Workers Pension Fund A to avoid insolvency and to pay benefits to participants.