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Multi-employer plans

Committee Chairmen Introduce Multiemployer Pension Plan Reform in House

Multiemployer plans that would be eligible for partitioning through 2024 would be those in critical and declining status, those with significant underfunding and at least 50% more retirees than actives, those that have suspended benefits, and certain plans that have already become insolvent.

House Committee Chairmen introduce single employer funding relief

On January 21, 2021, Congressman Neal (D-MA), Chairman of the House Ways and Means Committee, and Congressman Scott (D-VA), Chairman of the House Education and Labor Committee, introduced single employer plan funding relief proposals. Both bills are titled the “Emergency Pension Plan Relief Act of 2021.”

HEROES Act Includes Significant Relief Provisions for Multiemployer Pension Funds

On May 15, in a nearly party-line vote, the House of Representatives passed the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act). The bill now goes to the Senate. While Senate Majority Leader Mitch McConnell described the bill as “dead on arrival,” it likely gives direction on a potential bipartisan rescue of the…Read More

Senate votes on $2 trillion stimulus package – retirement plan provisions

The Senate has passed a bill providing a $2 trillion stimulus package in response to the coronavirus pandemic and the economic crisis it has generated. The bill will now go to the House. In this article we briefly review the provisions of the bill addressing retirement plan issues and conclude with a brief discussion of…Read More

President signs spending legislation including SECURE Act

On December 20, 2019, President Trump signed appropriations legislation that included the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Highlights of the new legislation include: A DC annuity fiduciary safe harbor Mandatory lifetime income disclosure Closed group nondiscrimination relief Authorization of DC Open MEPs Required coverage of long-term part-time employees Increase the cap…Read More