News & Analysis as of

Multiemployer Plan MPRA

Seyfarth Shaw LLP

PBGC Finally Publishes Final Rule On Special Financial Assistance Program

Seyfarth Shaw LLP on

Seyfarth Synopsis: On July 8, 2022, the Pension Benefit Guaranty Corporation (“PBGC”) published its final rule (“Final Rule”) on the Special Financial Assistance (“SFA”) Program established under the American Rescue Plan Act...more

Jackson Lewis P.C.

Butch Lewis Brings No Good News for Contributing Employers

Jackson Lewis P.C. on

In the clamor that surrounded the current administration’s adoption of the American Rescue Act of 2021 (ARPA), quietly tucked in as Subtitle H is the Butch Lewis Emergency Pension Plan Relief Act of 2021 (Butch Lewis). Butch...more

Morgan Lewis

Multiemployer Pension Plans (and Contributing Employers) Look to American Rescue Plan for Relief

Morgan Lewis on

The American Rescue Plan Act 2021, signed into law by President Joseph Biden on March 11, 2021, provides for significant relief to the most troubled multiemployer pension plans. The extent to which such relief also extends to...more

Jackson Lewis P.C.

Will American Rescue Plan Act Multiemployer Pension Provisions Bring Relief To Employers?

Jackson Lewis P.C. on

The American Rescue Plan Act of 2021 includes a modified version of the Butch Lewis Act, referred to as the Emergency Pension Plan Relief Act of 2021 (EPPRA), which restores to financial health more than 100 failing...more

Seyfarth Shaw LLP

Parliamentarian To Decide Fate Of Multiemployer Pension Reform In The COVID Relief Act

Seyfarth Shaw LLP on

Seyfarth Synopsis: If the Senate Parliamentarian blesses it, the $1.9 trillion American Rescue Plan (a.k.a. the latest COVID-19 relief bill) may include multiemployer pension relief that would provide underfunded...more

Groom Law Group, Chartered

House Committee Advances Important Pension Funding Changes as Part of New COVID-19 Legislation

On February 12, 2021, the House Ways and Means Committee approved key changes to the pension funding rules as part of its portion of COVID-19 budget reconciliation legislation pursuant to the budget resolution (S. Con. Res....more

Proskauer - Employee Benefits & Executive...

PBGC Issues Final Rule with Simplified Methods for Withdrawal Liability Calculations

The Pension Benefit Guaranty Corporation (“PBGC”) issued a final rule on January 7, 2021 that impacts the calculation of withdrawal liability by multiemployer pension plans in endangered or critical status. The final rule...more

Stinson - Benefits Notes Blog

Rehabilitation for Multiemployer Pensions Act of 2019

The Rehabilitation for Multiemployer Pensions Act of 2019 (MPRA), also referred to as the "Butch-Lewis Act" proposes to establish a Pension Rehabilitation Administration (PRA) within the Department of Treasury that would...more

Groom Law Group, Chartered

Senate Republicans Release Proposal for Multiemployer Pension Reform

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

Proskauer Rose LLP

PBGC Proposes Simplified Methods for Withdrawal Liability Calculations

Proskauer Rose LLP on

On February 6, 2019, the Pension Benefit Guaranty Corporation ("PBGC") issued a proposed rule that impacts how multiemployer pension plans in endangered or critical status calculate withdrawal liability. The rule is not yet...more

Jackson Lewis P.C.

The First Dinosaur Has Died

Jackson Lewis P.C. on

The New York Teamsters Road Carriers Local 707 Pension Fund (the “Local 707 Pension Fund”) is dead, reportedly having run out of money in early March 2017. The Pension Benefit Guaranty Corporation (“PBGC”) the federal...more

Franczek P.C.

A Trump Presidency: Potential Impact on Employee Benefits Law and Policy

Franczek P.C. on

For many months, we have been speculating about how the results of the 2016 presidential election would impact employee benefits policy going forward. Now that Donald Trump has won the election and Republicans have secured a...more

Franczek P.C.

PBGC Issues Proposed Rule on Mergers and Transfers Between Multiemployer Plans

Franczek P.C. on

The Pension Benefit Guaranty Corporation (PBGC) recently released a proposed rule amending the agency’s regulations on mergers and transfers between multiemployer plans. The proposed rule would implement a section of the...more

Franczek P.C.

Treasury Department Rejects Central States Pension Fund's Benefit Reduction Proposal

Franczek P.C. on

As we discussed in a prior alert, in September 2015 the Teamsters’ Central States Pension Fund submitted a proposed “rescue plan” to the U.S. Department of Treasury (Treasury). The Central States Pension Fund is severely...more

McGuireWoods LLP

Central States Pension Fund Submits Plan for Reducing Benefits

McGuireWoods LLP on

On Sept. 25, 2015, the Central States, Southeast and Southwest Areas Pension Plan (Central States), submitted to the Department of the Treasury a plan for reducing benefits under the Multiemployer Pension Reform Act of 2014...more

Franczek P.C.

PBGC Report Shows Modest Improvements in Agency’s Long-Term Solvency

Franczek P.C. on

The Pension Benefit Guaranty Corporation (PBGC) recently released its annual projections report showing that its insurance programs, which back both multiemployer pension plans and single-employer pension plans, have...more

Franczek P.C.

Employee Benefits Alert - August 2015

Franczek P.C. on

Retirement Plans - IRS Issues Guidance on Benefit Suspension Voting under MPRA - As we have written in prior alerts, the Multiemployer Pension Reform Act of 2014 (MPRA) permits trustees of financially troubled...more

Polsinelli

Multiemployer Pension Plans

Polsinelli on

In this Update Series, we provide continuing updates on the key developments relating to multiemployer pension plans, as well as practical considerations for the companies that participate in them. These union benefit funds...more

Franczek P.C.

Agency Guidance Issued on the Multiemployer Pension Reform Act (MPRA)

Franczek P.C. on

In June, the Department of Treasury and the PBGC issued guidance that clarifies how multiemployer pension plans at risk of insolvency can implement the various provisions of the Multiemployer Pension Reform Act of 2014...more

Littler

Federal Agencies Issue Regulations Governing Benefit Reductions and Partitions for Underfunded Multiemployer Pension Plans

Littler on

On June 17, 2015, the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) released several regulatory measures implementing the multiemployer pension plan amendments that were enacted in...more

Littler

Federal Agencies Issue Regulations Governing Benefit Reductions and Partitions for Underfunded Multiemployer Pension Plans

Littler on

On June 17, 2015, the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) released several regulatory measures implementing the multiemployer pension plan amendments that were enacted in...more

Franczek P.C.

Central States Pension Fund Developing Rescue Plan

Franczek P.C. on

The Central States Pension Fund has announced that it will adopt a “rescue plan” under which certain participant benefits will be reduced. The Multiemployer Pension Reform Act of 2014 (MPRA), which was signed into law on...more

Polsinelli

Update: Multiemployer Pension Plans

Polsinelli on

In This Issue: - Recent Developments for Multiemployer Pension Plans - Q & A - More Polsinelli MPRA Intelligence - MPRA Counseling Services - Follow On Twitter and LinkedIn - For More...more

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