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 [...]

1 06, 2016

Federal insurance fund protecting millions of pensions is running out of cash

2016-06-01T18:10:34-07:00June 1st, 2016|Categories: PBGC|Tags: |

One of the nation’s largest multi-employer pension funds says it is out of ideas for ways to save itself from impending failure. After the Treasury Department rejected its Hail Mary proposal, which would have substantially cut benefits for some retirees, the Central States Pension Fund has little choice but to turn to a federal insurance program that is supposed to offer a lifeline to troubled pension funds. But there’s one major problem that program is expected to run out [...]

1 10, 2015

PBGC projects extended solvency for multiemployer program

2015-10-01T23:34:58-07:00October 1st, 2015|Categories: Defined Benefit Plans|Tags: , , |

The PBGC’s multiemployer pension plan program got three more projected years of grace before running out of money, primarily due to increased premiums dictated by the Multiemployer Pension Reform Act of 2014, according to the agency’s FY 2014 Projections Report released Monday. The single-employer program projections show continued improvement, with solvency in the next 10 years. The report is an annual actuarial evaluation based on a range of estimates of the future status of insured pension plans and their [...]