ERISA & Employee Benefits

Congress Considers Multiemployer Pension Reforms While Benefit Suspensions Loom

The U.S. Treasury Department has received an application by the American Federation of Musicians and Employers' Pension Fund (the "Plan") to suspend benefits under the Multiemployer Pension Reform Act of 2014. Multiemployer pension plans cover union-represented workers and are run by a board of trustees, half appointed by the union and half appointed by employers. Most provide a traditional ...

Multiemployer Plan Reforms are Needed Before it's Too Late

The President's proposed 2020 Budget, released March 11, 2019, would shore up the Pension Benefit Guaranty Corporation's ("PBGC") multiemployer pension plan insurance fund by increasing premiums, including "variable-rate" and "exit" premiums in addition to the current "flat-rate" premiums. The PBGC's separate single-employer insurance program has included such premiums for years. The ...