Resource Tag: Legislation
State-based retirement plans for the private sector
States around the country are looking into ways of providing retirement savings opportunities for individuals who do not have access to an employer retirement plan. States with a retirement program under consideration or with a program adopted are in bold below. A brief description of the state program is included for each bolded state. […]
Resources for Central States Pension Fund Retirees
This page is intended to serve as a resource hub for retirees who are subject to cuts as a result of the Central States Pension Fund’s application to the U.S. Department of the Treasury to reduce retiree benefits. This page will be updated on an ongoing basis. On May 6, 2016, the U.S. Treasury Department […]
The Pension Accountability Act
In the last days of 2014, Congress passed the Multiemployer Pension Reform Act of 2014 (MPRA) as part of a year-end budget compromise. As a result of MPRA’s enactment, for the first time in 40 years multiemployer pension plan trustees have been given the authority to cut already earned retiree pension benefits while a plan […]
How the Keep Our Pension Promises Act Would Save the Central States Pension Fund
The Keep Our Pension Promises Act would make it possible for the largest of the severely underfunded multiemployer pension plans, the Central States Pension Fund (CSPF), to continue to pay promised benefits to its 205,000 retirees. This is because money that would be transferred by the Pension Benefit Guaranty Corporation (PBGC) to the plan each […]
Keep Our Pension Promises Act of 2015
The Keep Our Pension Promises Act of 2015 repeals the “benefit suspension” provisions of the Multiemployer Pension Reform Act of 2014 (MPRA) enacted at the end of the last Congress. Those provisions allow the trustees of certain financially-troubled multiemployer pension plans to reduce the benefits of retirees and their widows and widowers. The Keep Our […]
Why the Keep Our Pension Promises Act Must Be Passed
Updated: September 9, 2015 On June 18, 2015, Senator Bernie Sanders (I-Vt.) and Marcy Kaptur (D-Ohio) introduced the Keep Our Pension Promises Act of 2015 into the U.S. Congress to stop benefit cutbacks for retirees in certain underfunded multiemployer plans. These cuts were authorized by the Multiemployer Pension Reform Act of 2014. In the Senate, […]
Summary of the pension cutback provisions in the Multiemployer Pension Reform Act of 2014
In December 2014, Congress passed and President Obama signed into law the 2015 Omnibus spending bill, which included provisions of the Multiemployer Pension Reform Act of 2014 that allow trustees of certain multiemployer plans to cut retirees’ pensions. Below is a summary of these provisions. Related: Read our fact sheet on multiemployer plan funding. See a […]
Facts About Multiemployer Pension Plan Funding
This fact sheet explains funding issues in multiemployer pension plans and how the guarantee limits set by the Pension Benefity Guaranty Corporation could impact your multiemployer plan pension. Related: Read our summary of the pension cutback provisions (part of the Multiemployer Pension Reform Act of 2014) that were included in the 2014 Omnibus spending law. See a list of […]
Connecticut Secure Retirement Plan
On May 7, 2014, the Connecticut General Assembly passed a “budget implementer” bill that includes provisions to lay the groundwork for a new state-administered retirement savings plan for private-sector workers who do not have an employer-provided pension or retirement savings plan. The bill allocates $400,000 toward the establishment of a Connecticut Retirement Security Board and […]
Pension Provisions in H.R. 4348 – Moving Ahead for Progress in the 21st Century (MAP-21) Act
H.R. 4348, the Moving Ahead for Progress in the 21st Century (MAP-21) Act, was signed into law on July 6, 2012. Although the Act is primarily known for authorizing funding for the nation’s highways and for extending low interest rates for federal student loans, it also includes a package of pension provisions, which were largely […]
Bill would automatically enroll employees in workplace IRAs
On August 5, 2010 Senator Jeff Bingaman (D-NM) introduced the Automatic IRA Act of 2010 (S. 3760). This bill would require most employers that do not sponsor a retirement plan to automatically enroll their employees in an IRA. Employees would be given choices about whether to participate in the IRA, what type of IRA (Roth […]
Bill Would Require Plans to Disclose 401(k) Purchasing Power
On December 3, 2009 Senator Jeff Bingaman (D-NM), Senator Johnny Isakson (R-GA) and Senator Herb Kohl (D-WI) introduced the Lifetime Income Disclosure Act (S. 2832) into the Senate. This bill would require 401(k) and other individual account plans (such as 403(b) and 457 plans) to give participants estimates of how much the money in their accounts […]
