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Multiemployer plan

Central States Woes Continue, Pension Value Falls $500 Million

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Central States Pension Fund lost $500 million during the first six months of this year, according to newly released financial documents, and continues to hemorrhage assets on the road towards eventual insolvency.

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Congress returns for lame duck session

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Opponents to the proposal, including AARP and the Pension Rights Center,argue it provides insufficient protections for workers and jeopardizes “current pension benefits earned by retirees.”

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Iron Workers Plan Gets Bad News As Treasury Rejects Benefit Suspension

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An Iron Workers defined benefit pension plan has become the third multiemployer plan to have its petition to cut benefits rejected by the Treasury Department.
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"Composite Bill" Legislative Summary

Legislation

The U.S. House of Representatives Subcommittee on Health, Employment, Labor and Pensions recently held a hearing on a “Discussion Draft to Modernize Multiemployer Pensions.”  The draft is commonly referred to as “the composite bill” even though it has not yet been introduced into Congress as a stand-alone piece of legislation.

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Treasury rejects Ironworkers union application to cut retiree benefits

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The U.S. Department of the Treasury has denied an application by Ironworkers Local 16, which represents 1,100 Baltimore-area retirees and workers, to cut pension benefits to retirees to extend the life of the fund, which is in danger of running out of money by 2032.

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No Easy Solutions to Help Multiemployer Pension Plans

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Several options have been proposed to bolster the PBGC’s multiemployer pension program funding by altering its premium structure, but none have overwhelming appeal, and all would require some give from stakeholders, the American Academy of Actuaries said.

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Upstate Teamsters Face 30% Pension Cut

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Retired after 18 years as a trucker, Morristown's Bill Mead faces an unpleasant fact. "The Teamsters fund is going belly up, for lack of a better word," he said. The upstate teamsters fund is asking the Treasury Department to okay a 31 percent cut in the monthly check for retirees. 

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Joint Statement Opposing Consideration of “Composite” Pension Legislation

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The International Association of Machinists and Aerospace Workers, the International Brotherhood of Boilermakers, the International Brotherhood of Teamsters, the National Retirees Legislative Network, the Pension Rights Center, and the United Steelworkers strongly oppose legislation

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Kline proposes more flexible benefits as part of pension reform

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Rep. John Kline of Minnesota has proposed a new pension reform law that he said can save troubled multi-employer retirement plans from dissolution or insolvency by making benefits more flexible.

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Draft Bill May Offer Better Mousetrap for Multiemployer Pensions

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Draft legislative language that would create a controversial form of multiemployer pension plan was released in the House Education and the Workforce Committee.

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