PBGC’s Final Union Pension Relief Rule Praised—and Questioned
Sources agree that the final updates made to the Special Financial Assistance program for severely stressed union pensions are helpful,...
Tag: multiemployer pension plans
PBGC Issues Final Rule for Stressed Union Pension Payments
To date, the Pension Benefit Guaranty Corporation’s multiemployer pension support program has operated on an interim rule and has protected nearly 130,000 individuals’ pension benefits across some 560...
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.
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...
Compliance News
Legislative and Judicial Actions
States updating annuity standards; Senate confirms a Labor secretary; GAO presses the DOL to clarify cybersecurity guidance; and more.
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...
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...
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...
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...
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...
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...
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...
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...
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...
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.
Congress Called (Again) to Get Serious About Union Pension Crisis
Apart from discussing the RESA legislation, witnesses and Senators at a Finance Committee meeting spoke about the pressing need to address severe funding shortfalls faced by some union...
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.