PRC comments to Treasury on rules for retiree benefit cuts in financially troubled multiemployer pension plans (August 18, 2015)

PRC comments to Treasury on rules for retiree benefit cuts in financially troubled multiemployer pension plans (August 18, 2015)

The Pension Rights Center submitted comments to the Treasury Department regarding its rules for retiree benefit cuts in severely underfunded multiemployer plans, as authorized by the Multiemployer Pension Reform Act of 2014.

Our comments focus on improving the proposed regulations to better protect retirees in the following areas:

1. Plan eligibility to suspend benefits;
2. Post-suspension maintenance of records showing ongoing compliance with suspension conditions;
3. Equitable allocation of benefit suspensions;
4. Rules relating to disability benefits;
5. Rules relating to benefits to alternative payees;
6. Rules relating to participant voting;
7. Rules relating to benefit improvements;
8. Method of communicating with participants; and
9. Selection and function of the retiree representative.

Related:

• Our comments to the Pension Benefit Guaranty Corporation on proposed partition rules 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)
• A 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)