Multiemployer pension plan insolvencies will obviously be harmful to the participants and beneficiaries of the plans in question, but the loss of the significant economic momentum provided by retirees spending their pension plan assets could also harm the wider economy.
Tag: multiemployer pension plans
On appeal, the candy company contended that the district court misapplied the federal statute governing multiemployer pension funds in critical status and, second, that the court erred in holding that it had failed to plead adequately its affirmative defenses.
Under the Bipartisan Budget Act of 2018, the bicameral committee is charged with improving the solvency of multiemployer pension plans and the Pension Benefit Guarantee Corporation.
Witnesses for the Joint Select Committee on Solvency of Multiemployer Pension Plans said demographics, failing industries and market returns led to the insolvency of multiemployer pension plans.
Following extensively detailed deliberation citing important SCOTUS rulings and other precedents, the district court ruling rejects a multiemployer plan’s usage of the so-called “Segal Blend” to set the discount rate for assessing a member's withdrawal liability.
The Bipartisan Budget Act of 2018 established the committee and requires that it hold public hearings, and vote on its findings and legislative recommendations no later than November 30.
According to a press release on Senator Chuck Schumer’s website, the new law would create a Joint Select Committee to Solve the Multiemployer Pension Crisis.
It would be used to make loans to multiemployer DB plans.