Legislation passed last year allows multiemployer plans in danger of becoming insolvent to apply for funds to cover participant benefit payments.
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.
A transportation workers’ multiemployer pension plan will receive funds created by the American Rescue Plan Act of 2021 to pay retirement benefits.
The agency says the net positive position for its multiemployer plan program is thanks to the American Rescue Plan Act (ARPA).
The web page addresses how applications submitted before a final rule is published will be affected by any changes PBGC makes.
In addition to asking for input on the SECURE Act’s requirements and the current Form 5500, the DOL has published a notice of proposed changes to its implementation of regulations under Title I of ERISA.
The agencies have filled in the gaps for implementing provisions of the American Rescue Plan Act.
The agency's Fiscal Year (FY) 2020 Annual Report shows its multiemployer insurance program will become insolvent sometime in FY 2026.
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.
The agency has also highlighted important modifications to the form.
A purchase agreement allowing the company to emerge from Chapter 11 bankruptcy does not include the pension plan debts or assets, despite its comparatively strong funding position.
Congress is divided on how to address the union pension funding crisis, which is exemplified by the plight faced by the American Federation of Musicians and Employers’ Pension Fund.