American Rescue Plan Act Turns Things Around for PBGC Multiemployer Plan Program

By Rebecca Moore Source: Plan Sponsor The Pension Benefit Guaranty Corporation (PBGC) has released its Fiscal Year (FY) 2021 Annual Report, which shows its multiemployer plan insurance program has a positive net position of $481 million at the end of FY 2021—a sharp contrast to the program’s deficit of $63.7 billion at the end of FY 2020. The agency’s multiemployer plan program is now likely to remain solvent for more than 30 years, due to the enactment of the [...]

2021-11-17T09:09:00-08:00November 17th, 2021|Categories: PBGC|Tags: , |

Teamsters celebrate passage of COVID-19 stimulus bill delivering pension relief

The Teamsters are euphoric about the $1.9 trillion American Rescue Plan (ARP) clearing its final legislative hurdle in the House today, ensuring more than 1 million U.S. workers and retirees in struggling multiemployer pension plans will receive the nest eggs they were promised while other Americans hit hard by the global pandemic get the help they need. President Biden is expected to sign the bill into law shortly. And when he does, it will mark the culmination of a [...]

2021-03-11T11:47:27-08:00March 11th, 2021|Categories: Multiemployer Plans|Tags: , |

AFL-CIO Retirement Security Working Group Applauds House Passage of Multiemployer Pension Relief

AFL-CIO President Richard Trumka and AFL-CIO Secretary-Treasurer Liz Shuler joined the co-chairs of the AFL-CIO Retirement Security Working Group, UFCW International President Marc Perrone and SMART General President Joseph Sellers, in the following statement on the inclusion of multiemployer pension relief in the American Rescue Plan, which passed the House today: After a lifetime of hard work, working people deserve to retire with dignity. The labor movement is proud of our negotiated multiemployer pension plans, which have provided retirement [...]

2021-03-02T15:05:09-08:00March 2nd, 2021|Categories: Multiemployer Plans|Tags: |

COVID-19 Relief Bill Could Rescue Union Retirees’ Pensions

The COVID-19 pandemic relief legislation set for a vote this week in the House contains a provision to save struggling union pension plans that experts say has a good shot at passing, forecasting a possible end to a $65 billion funding crisis that threatens one million retirees' pensions. The American Rescue Plan, which cleared the House Budget Committee on Monday, would provide direct assistance to roughly 200 financially struggling union pension plans through the federal government's safety net for [...]

2021-02-25T14:42:15-08:00February 25th, 2021|Categories: Economy, Pension Funding|Tags: , , |
Go to Top