7 12, 2017

Schumer backs Teamster pension rescue proposal; Senate bill to create Treasury agency would ease impact of cuts to benefits

2017-12-07T14:29:37-07:00December 7th, 2017|Categories: Pension Funding|Tags: , , |

Across the country, 114 of these multi-employer pension plans, covering more than 1.3 million workers, are underfunded by $36.4 billion and expect to become insolvent within the next 20 years. Teamsters whose pension benefits were cut could see some future relief under a proposal backed by Senate Minority Leader Charles E. Schumer, D-N.Y. Schumer and several other Democratic senators are backing legislation that would create a remedy through the Treasury Department. […]

3 04, 2015

Pension Benefit Guaranty Seeks Comments on Multiemployer Plans Electronic Filing Requirements

2015-04-03T21:32:51-07:00April 3rd, 2015|Categories: PBGC|Tags: , |

The U.S. Pension Benefit Guaranty Corporation published the following proposed rule in the Federal Register: Multiemployer Plans; Electronic Filing Requirements A Proposed Rule by the Pension Benefit Guaranty Corporation on 04/03/2015 […]

26 02, 2015

Quebec : Funding and restructuring of multiemployer pension plans

2015-02-26T01:42:12-07:00February 26th, 2015|Categories: Pension Funding|Tags: , , |

On February 18, 2015, the Quebec Minister of Employment and Social Solidarity, François Blais, tabled Bill 34, “An Act to amend the Supplemental Pension Plans Act with respect to the funding and restructuring of certain multi-employer pension plans.” This Bill amends the Supplemental Pension Plans Act (“SPP Act”) to introduce special measures for the funding of certain multi-employer pension plans as well as rules that apply to the restructuring of those plans when contributions are found to be insufficient. […]

29 12, 2014

4 Retirement Actions To Be Implemented In 2015

2014-12-29T22:31:19-07:00December 29th, 2014|Categories: Retirement|Tags: , , |

The year 2014 closes with a number of federal-level retirement-income actions in the bag. Following are four that may hold particular interest for advisors as implementation gets under way next year. The myRA Retirement Account. Debuted by President Barack Obama in January 2014, this is a starter retirement savings programfor low to mid-income workers. It allows employees to save up to a maximum of copy5,000 over 30 years by investing after-tax dollars in Treasury securities via payroll deduction at participating employers. Now in its [...]

5 12, 2014

Congress could soon allow pension plans to cut benefits for current retirees

2014-12-05T00:00:56-07:00December 5th, 2014|Categories: Pension Funding|Tags: , |

Congress could soon allow the benefits of current retirees to be cut as part of an agreement to address the fiscal distress confronting some of the nation’s 1,400 multi-employer pension plans. Several unions and pension advocates opposing the move, which would be unprecedented, say that permitting financially strapped plans to cut retiree benefits would violate the central promise of traditional pensions: that they would provide a defined benefit for life. “This proposal would devastate retirees and their surviving spouses,” said Karen [...]

19 06, 2014

Kroger restructures multiemployer pension fund participation

2014-06-19T23:50:42-07:00June 19th, 2014|Categories: Pension Funding|Tags: , , , |

Kroger Co., Cincinnati, is restructuring its participation in some multiemployer pension funds, spokesman Keith Dailey said. The changes represent additional steps in the company’s ongoing efforts to address its pension liabilities, Mr. Dailey said. Kroger announced it is moving the liabilities for 870 current employees and 840 retirees in Washington state to the UFCW Consolidated Pension Fund, Atlanta, from the Washington Meat Industry Pension Trust, Seattle. […]

7 05, 2014

Pension Plan Amendment Pursuant to PPA Doesn’t Violate Fifth Amendment, Court Says

2014-05-07T17:30:31-07:00May 7th, 2014|Categories: Pension Funding|Tags: , , |

A multiemployer pension plan in critical status didn’t violate provisions of the U.S. Constitution when it was amended to eliminate an early-retirement subsidy as part of a rehabilitation plan filed pursuant to the Pension Protection Act, the U.S. District Court for the Eastern District of Washington ruled. In a May 2 opinion, Judge Lonny R. Suko claims by a pair of plan participants that the amendment–that eliminated an early-retirement scheme whereby a participant could receive full benefits before reaching [...]

23 01, 2014

MCAA partners to support pension plan reform

2014-01-28T22:50:40-07:00January 23rd, 2014|Categories: Pension Reform|Tags: , , |

The Mechanical Contractors Association of America Inc. (MCAA) has joined forces with United Association of Plumbers and Pipefitters (UA) to urge strong support of the Solutions Not Bailouts (SNB) multiemployer pension plan reform proposal. That proposal was developed by the Retirement Security Review Commission of the National Coordination Committee for Multiemployer Plans on which MCAA was represented along with over 40 other national labor and management groups, including professionals from all plan disciplines — actuaries, lawyers, consultants, plan administrators, and bargaining parties. [...]