PBGC data shows the multiemployer program had liabilities of $67.3 billion and assets of $2.2 billion as of September 30, 2017.
However, the single-employer program is likely to eliminate its deficit within the next three to seven years.
The NCCMP will pursue enactment of legislation for a new composite plan for multiemployer plan sponsors, among other things.
The MPRA permits the sponsor of a multiemployer defined benefit plan in critical and declining status to suspend benefits in certain situations.
Doom and gloom headlines are not the whole story about multiemployer plans.
WestRock RKT Company claims that the amendment violates ERISA because “critical status [multiemployer plans] with valid rehabilitation plans may not unilaterally impose on employers contribution requirements necessary to avoid an [accumulated funding deficiency].”
PBGC Director Tom Reeder warned of this in an announcement that the agency is providing assistance to yet another multiemployer plan.
Account balances in multiemployer DC plans have grown, and the funded percentage of multiemployer DB plans has improved, a study shows.
Members of the Cleveland Iron Workers Local 17 Pension Fund voted by a 2 to 1 margin to approve the cuts.
Four previous applications were denied by the U.S. Treasury Department.
Milliman reports that multiemployer pension plans’ funded status has been steady so far in 2016, but its analysis shows questionable results for these plans going forward.
Among proposals are a change in PBGC premiums and changes in premium structure.
Given the tumultuous political environment it is very difficult to assess the short-term prospects even for popular initiatives, experts warn.
A letter from Special Master Kenneth R. Feinberg says the plan to suspend benefits does not meet requirements of the Multiemployer Pension Reform Act of 2014.
A federal district court found private equity funds that owned a bankrupt company are responsible for that company’s multiemployer pension plan withdrawal liability.
While retirees say the cuts are unfair, regulators say without them, the result could be much worse.
This was one suggestion made by a witness at the U.S. Senate Committee on Finance hearing about multiemployer pension plan reform.
The SOA has recently given accolades to the Screen Actors Guild Producers Pension Plan; what can other multiemployer plan sponsors do to be like them?
The IRS proposal would provide guidance about any employer that has withdrawn from the plan and entered into a “make-whole” agreement to provide participant benefits.
The firm says multiemployer DC plan trustees can benchmark their plans against Segal’s client database.