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PRC comments to PBGC on partition rules for financially troubled multiemployer plans (August 18, 2015)

Tuesday, August 18, 2015

The Pension Rights Center submitted comments to the Pension Benefit Guaranty Corporation (PBGC) regarding its rules for partitions in severely underfunded multiemployer plans, as authorized by the Multiemployer Pension Reform Act of 2014.

The Center's comments focus on five issues that most directly affect participants in plans that are seeking partition:

  1. The content of the notices sent to participants when a plan applies for partition; 
  2. Deficiencies in the required elements of the plan's application for partition; 
  3. The need for the PBGC to provide adequate technical and financial resources to the Participant and Plan Sponsor Advocate; 
  4. Whether the statute makes benefit suspensions an absolute prerequisite for partition; and 
  5. Resolving whether the successor plan is a separate plan from the original.

 

Related:

  • Our comments to the Treasury Department on proposed rules for retiree benefit cuts in the Multiemployer Pension Reform Act (August 18, 2015)

  • Our summary of the retiree pension cutback provisions in the Multiemployer Pension Reform Act

  • Our multiemployer pension benefit cutback calculator (under the pension cutback provisions, this applies only to retirees under the age of 75)
  • list of multiemployer pension plans in "critical and declining" status (February 3, 2015)
  • Our comments to the Treasury Department on the retiree cutback provisions of the Multiemployer Pension Reform Act of 2014 in response to Treasury's Request for Information (May 26, 2015)
  • Our statement in response to a subcommittee hearing on multiemployer pension plans (April 29, 2015)
  • Our comments to the PBGC on partitions and mergers in multiemployer pension plans (April 15, 2015) 
  • Our fact sheet on multiemployer plan funding in general (May 29, 2014)
  • Our summary of the Keep Our Pension Promises Act of 2015 

  • Our fact sheet on why the Keep Our Pension Promises Act should be passed (June 18, 2015)

  • Our press release on the introduction of the Keep Our Pension Promises Act of 2015 (June 18, 2015)

  • Speech by Karen Friedman to the Pension Rights Committee of North Carolina (May 30-31, 2015)
  • Speech by Karen Friedman to the Pension Rights Committee of Minnesota (April 11, 2015)
  • Speech by Joellen Leavelle to the Wisconsin Committee to Protect Pensions (April 11, 2015)
  • Our press release on retiree pension-cut legislation included in omnibus bill (December 17, 2014)
  • Our press release on the U.S. House of Representatives voting to allow multiemployer pension plan trustees to reduce retiree benefits (December 12, 2014)
  • U.S. Senator Ron Wyden's statement opposing the pension cutback provisions (December 11, 2014)

  • Our press release: "Congress’ Holiday Present to Retirees: Slashing Their Pensions" (December 10, 2014) 
  • Tell Congress: Don’t make a last-minute deal to cut retirees’ pensions (PRC Action Alert) 
  • Our letter to Congress opposing "stealth" provisions that would cut retiree benefits in multiemployer plans (December 3, 2014)
  • A letter from the International Association of Machinists and Aerospace Workers, opposing retiree benefit cuts (December 3, 2014)
  • Our statement to a House subcommittee on strengthening the multiemployer plan system (October 29, 2013) 
  • Our press release: Pension Rights Center Stands with Pensioners against Proposed Cuts (October 29, 2013)
  • Our statement on protecting retirees when making reforms to the multiemployer pension system (June 12, 2013)

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