27 04, 2020

NCCMP seeks congressional aid for pensions in ‘CARES 2’

2020-04-27T10:25:51-07:00April 27th, 2020|Categories: Multiemployer Plans|Tags: , , , |

Below is an April 24, 2020 letter written by NCCMP Executive Director Michael D. Scott. Dear Multiemployer Community, Today, the President signed H.R. 266 which provided additional authority for the Paycheck Protection Program and support for health care providers. This is commonly referred to as the COVID 3.5 stimulus package. In less than eight weeks, the COVID-19 pandemic has put more than 26.4 million Americans out of work and driven Congress and the Federal Reserve to structure more than [...]

27 12, 2019

Congress Saves Coal Miner Pensions, but What About Others?

2019-12-27T15:25:56-08:00December 27th, 2019|Categories: Pension Funding|Tags: , |

The $1.4 trillion spending bill passed by Congress last week quietly achieves what a parade of select committees and coordinating councils could not: rescue a dying pension fund that is the lifeblood of nearly 100,000 retired coal miners. For the first time in 45 years of federal pension law, taxpayer dollars will be used to bail out a fund for workers in the private sector. And now that there’s a precedent, it might not be the last. “We could [...]

24 07, 2019

What Congress Could Do To Stop a Pension Crisis

2019-07-24T15:20:25-07:00July 24th, 2019|Categories: Defined Benefit Plans|Tags: , |

A looming retirement crisis is facing the U.S. taxpayer that will become an economic tsunami if Congress doesn’t act. The pensions of 1.3 million workers in certain multiemployer pension plans and the federal government’s Pension Benefit Guaranty Corporation (PBGC) are set to collapse. Only Congress can prevent this from cascading throughout the economy, to taxpayers and into healthy pension plans and their employers. How things spiraled into this crisis is complicated, but important to understand. Some say it’s a multiemployer problem, [...]

12 06, 2019

Multiemployer pension reform bill approved by House Education and Labor Committee

2019-06-12T06:00:34-07:00June 12th, 2019|Categories: Multiemployer Plans|Tags: , , |

Bipartisan multiemployer pension reform legislation that would create a federal loan program for struggling plans was approved Tuesday in a 26-18 vote by the House Education and Labor Committee. The bill introduced by House Ways and Means Committee Chairman Richard E. Neal, D-Mass., in January has 168 co-sponsors, including eight Republicans. Mr. Neal said his committee will be voting on the bill soon, with a sense of urgency for an estimated 10% of multiemployer pension plans covering 1.5 million [...]

10 06, 2019

Washington Threatens to Change Retirement Planning Forever

2019-06-10T09:31:52-07:00June 10th, 2019|Categories: Retirement|Tags: , |

Lawmakers play a vital role in helping Americans save for retirement. The laws that members of Congress help put in place create incentives for certain behavior while discouraging other actions, and in the retirement context, the trend over the past several decades has moved toward greater personal responsibility. In particular, the shift from employer-provided pensions to workplace 401(k) plans and IRAs has put the responsibility to save enough for retirement in workers' hands. One benefit of the retirement accounts [...]

5 06, 2019

The SECURE Act – A Primer on the Top Six SECURE Act Changes that could be coming to Retirement Plans Next Year

2019-06-05T10:19:42-07:00June 5th, 2019|Categories: Pension Reform|Tags: , |

The SECURE Act (the “Act”) passed the House with bipartisan support and is on its way to the Senate with predictions that it could end up on the President’s desk by the end of the year. Here are some highlights of this potential legislation. 1. Longer Life means Later Mandatory Distributions. To account for increases in life expectancy, the Act would increase the age for required minimum distributions from 70 ½ to 72. The Act will also repeal the [...]

28 11, 2018

House proposes ambitious tax package with retirement provisions

2018-11-28T13:52:43-08:00November 28th, 2018|Categories: Retirement|Tags: , |

A legislative tax package with several retirement savings ideas promoted in both the House and Senate was introduced late Monday by House Republicans. One part of the 297-page tax package is the proposed Retirement, Savings and Other Tax Relief Act of 2018. It builds on the Family Savings Act passed by the House in September and incorporates several provisions from the Senate's proposed Retirement Enhancement and Savings Act of 2018, which has not been voted on. A House version [...]

15 10, 2018

Critical and declining multiemployer plans need help from Congress, Segal Consulting says

2018-10-15T14:40:45-07:00October 15th, 2018|Categories: Multiemployer Plans|Tags: |

Critical and declining multiemployer pension plans are not likely to recover without help from Congress, a study released Tuesday by Segal Consulting concluded. Critical and declining plans classified as being in the red zone are projected to be insolvent, generally within the next 20 years, putting participants, including retirees, at risk of reduced benefits. Segal Consulting analyzed red-zone multiemployer plans over the past 10 years, and found that for plans that were in the red zone in 2010, there [...]

15 06, 2018

More than 150 pension plans may run out of money, businesses tell Congress

2018-07-13T15:28:26-07:00June 15th, 2018|Categories: Pension Funding|Tags: |

The pension crisis that threatens the retirement savings of 1.5 million Americans, including 60,000 Ohioans, also poses the risk of driving the U.S. economy into a tailspin, a panel of witnesses told a congressional panel. Witnesses from the U.S. Chamber of Commerce and businesses including UPS told the Joint Select Committee on the Solvency of Multiemployer Pension Plans that should the estimated 150 to 200 multiemployer pension plans that are in danger become insolvent, the companies that paid into [...]

16 02, 2017

Stop Congress from killing retirement savings for low-moderate income workers

2017-02-16T17:51:35-08:00February 16th, 2017|Categories: Retirement|Tags: , |

After eight years of collaboration between senior and consumer advocates, business, and labor — is on the cusp of providing greater retirement security to 6.8 million private-sector wage earners. But, suddenly, the state’s pioneering “Secure Choice” plans are under siege. Secure Choice has been hailed as the most significant expansion of retirement security since the passage of Social Security in 1935. It is a simple, voluntary savings plan that will be offered to private sector California workers at no cost [...]

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