Another Stressed Union Pension to Get PBGC Support
The plan was projected to run out of money at some point this year, but the special financial assistance from PBGC should prevent this outcome.
Tag: multiemployer pension plans
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Labor Issues Highlight Importance, Evolution of Retirement Benefits
For several decades, U.S. workers have been much less active in terms of union participation, and this has had a dramatic impact on not only wages and benefits within unions, but also on what is happening in the private sector.
Four Considerations Regarding Union Pension Funding Relief
Signed into law in early March, the American Rescue Plan Act (ARPA) included $1.9 trillion in collective economic relief, much of it targeted to address the coronavirus pandemic.Along with...
Some Say Union Revival Could Address Retirement Insecurity
Data from the Bureau of Labor Statistics shows the U.S. now has the fifth lowest trade union density of the 36 member nations of the Organization for Economic Co-operation and Development.
Democrats Have Won the Power to Fix Union Pensions
A bipartisan compromise solution to end the multiemployer pension crisis is urgently required, sources agree, and one could finally be forthcoming in the U.S. Congress.
Union Pension Funding Advocate Urges Immediate Action
Beyond the ethical imperative to address the crisis facing many multiemployer pensions, today’s ultra-low interest rate environment presents an opportunity too good to pass up, one union pension backer says.
2020 Brought Little Progress on Union Pension Funding Crisis
With so many other challenges and debates dominating the halls of the Capitol, it is hard to imagine the union pension funding crisis will be addressed during this Congress.
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Segal Leaders Perplexed Over Treasury’s Benefit Cut Rejections
A law passed in 2014 allows stressed union pensions to reduce benefits in order to prevent insolvency, subject to approval by the U.S. Treasury. One leading actuarial firms says the agency is preparing to wrongfully reject an application made by one of its clients.
Senator Portman Again Calls for Multiemployer Union Pension Reform
He says that without several much-needed reforms, the Pension Benefit Guaranty Corporation could become insolvent in less than five years.
Politics Aside, Union Pension Funding Crisis Remains Solvable
On its face, the multiemployer pension relief included in House Democrats’ fourth relief proposal resembles a plan floated last year by two influential Republican senators—though the devil is always in the political details.
Will 2020 Deliver Union Pension Funding Solution?
The American Federation of Musicians and Employers' Pension Fund is just the latest union multiemployer pension to appeal to the Treasury Department for permission to cut benefits.
Republicans Propose Their Own Union Pension Funding Crisis Solution
Unlike the approach favored by Democrats in the House of Representatives, which would establish a government-backed loan programs to assist troubled union pension, this approach would permit the partition of such plans and would require accounting reforms.
Former House Speaker Boehner and Rep. Crowley Talk Union Pension Crisis
The influential former lawmakers are using their combined bipartisan stature to advocate for progress on the union multiemployer pension funding crisis.
Split House Committee Advances Stressed Union Pension Loan Program
Democrats on the House Ways and Means Committee were adamant the bill is a positive first step that can and should be built upon in a bipartisan manner.
New House Ways & Means Chair Introduces Multiemployer Pension Bill
Representative Richard Neal has introduced a bill with bipartisan backers that would take several steps towards solving the union multiemployer pension funding crisis.
PBGC Publishes Fiscal Year 2018 Funding Update
“The multiemployer insurance program deficit has narrowed, but it clearly won’t keep the program from running out of money,” says PBGC Director Tom Reeder.
Butch Lewis Act Would Cost ‘Just $34 Billion,’ Dems Argue
Senate Democrats are highlighting the publication of the Congressional Budget Office’s scoring of proposed legislation known as the Butch Lewis Act, which seeks to “put union pension plans back on solid footing” via the launch of an emergency government loan program.
Lawsuit Filed Challenging Benefit Cuts to Multiemployer Plans
The plaintiffs intend to show that the government’s actions approving benefit cut reductions reflect a constitutional violation for several reasons.
Dire Testimony from Stakeholders on State of Multiemployer Pensions
Speaking to the Joint Select Committee on the Solvency of Multiemployer Pension Plans, one retired Teamster, whose wife is dying from pancreatic cancer, said he could easily end up losing his home and going bankrupt if his pension is cut by the 55% his plan’s trustees are seeking.
District Court Ruling in Multiemployer Pension Withdrawal Case Okays Use of Segal Blend
The case arose from Manhattan Ford’s withdrawal from the UAW Local 259 Pension Fund, and an arbitrator’s calculation of about $2.55 million in withdrawal liability for the employer.