Resource Tag: PBGC
What is Recoupment?
I received a letter from my pension plan stating that it has been overpaying me. The letter says that the plan is going to reduce my monthly payments and that I will also have to pay an additional amount to the plan. What can I do? In recent years, the Pension Rights Center has seen […]
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 […]
Should you take your pension as a lump sum?
Updated: August 2015 Some companies have offered to cash out the pensions of certain retirees and former employees and instead give them a one-time lump-sum payment. While the idea of suddenly having a large sum of money is tempting, this is a decision that you will have to live with for the rest of your life. […]
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 […]
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 […]
Lost Pension Plan Registries in the U.K. and Australia
In the United States, many retirees face great difficulties in locating their former employers in order to apply for a pension to which they are entitled. At the same time, pension plans have trouble locating prospective pensioners with whom they have lost contact. The problem of lost pensions and lost pensioners was also prevalent in […]
PBGC Premium Increase
The Pension Benefit Guaranty Corporation (PBGC) is a federal corporation that insures most defined benefit plans in the United States. The PBGC is funded solely by premiums paid by plan sponsors. Currently the PBGC is experiencing deficits due to the large amount of plans which are terminated with insufficient funds to cover all its liabilities. […]
