PODCAST: Williams Mullen's Benefits Companion - Multiemployer Plans
Recent headlines involving the Central States Teamsters Pension Fund and the Pension Benefit Guaranty Corporation’s (PBGC) Special Financial Assistance (SFA) Program highlights an issue with meaningful consequences for...more
The 7th edition of our SECURE 2.0 webinar series will focus on the bill’s provisions that cover investments, PEPs, pension risk transfers, disclosures, and a number of other topics that are relevant to fiduciaries....more
It’s hard to keep up with all the recent changes to labor and employment law. While the law always seems to evolve at a rapid pace, there have been an unprecedented number of changes for the past few years—and this past month...more
We had pondered when this day would come. The doomsday scenario that the Pension Benefit Guaranty Corporation (PBGC) would become insolvent in five to six years is now old history. (The new estimated time of PBGC insolvency...more
I always talk about how plan sponsors need to work with experienced financial advisors, third party administration (TPA) firms, and ERISA attorneys on their plan needs. Like with reasonable fees, I believe that the term...more
The IRS has again extended the due dates for certain returns and payments because of the ongoing coronavirus (COVID-19) pandemic. Notice 2020-35, which the IRS issued on May 28, 2020, postpones the due date for certain...more
It is not uncommon for private equity funds to reconsider the desirability of a prospect when they learn that the company contributes to an underfunded multiemployer defined benefit pension fund. But because of the hesitation...more
In late December, Congress passed and President Donald Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act, the most sweeping retirement legislation since the Pension Protection Act of...more
The First Circuit reverses a lower court decision and finds two Sun Capital private equity funds are not liable for portfolio company’s pension plan liabilities under ERISA. On November 22, 2019, the United States Court of...more
On November 20, Republican Senators Charles Grassley and Lamar Alexander – chairmen of the committees with jurisdiction over pensions – jointly released the Multiemployer Pension Recapitalization and Reformation Plan (the...more
On Monday, November 1, 2015, President Obama signed into law the Bipartisan Budget Act of 2015 (the “BBA”) which brings familiar changes for sponsors of defined benefit pension plans. Similar to the Moving Ahead for Progress...more
The Pension Benefit Guaranty Corporation (PBGC) recently issued two important pieces of guidance that change certain of the PBGC’s notice requirements for both single-employer and multiemployer pension plans....more
On December 16, 2014, President Obama signed into law the $1.1 trillion Consolidated and Further Continuing Appropriations Act of 2015 (Appropriations Act), which includes some significant changes to the rules governing...more
Illinois Becomes the First State to Require Automatic Retirement Savings Program for Workers Without Access to a Workplace Retirement Plan - On January 5, 2015, outgoing Governor Quinn signed landmark legislation that...more
The Consolidated and Further Continuing Appropriations Act, 2015 (the so-called “Cromnibus Act”), enacted into law last week, is not just a $1.1 trillion spending bill that keeps most of the federal government open through...more
On December 16, 2014, President Obama signed into law the Consolidated and Further Continuing Appropriations Act, 2015 (“Omnibus Spending Bill”), which will fund government operations through September, 2015. Typically, the...more
Contributions to multiemployer defined benefit pension plans have been a mainstay, legacy feature of union negotiations in many industries. But the fabric of such staples may be tearing apart as employers contemplate the...more
A recent case highlights the risk of personal liability for multiemployer and other defined benefit pension plan liabilities. Owners of closely held corporations that contribute to multiemployer or single employer defined...more