News & Analysis as of

Insolvency Withdrawal Liability

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

Jackson Lewis P.C.

What Construction Contractors Can Expect From Multiemployer Pension Plans Following COVID-19 Crisis

Jackson Lewis P.C. on

The COVID-19 crisis portends a new and troubling outlook for construction contractors and other employers participating in multiemployer pension plans. While many multiemployer pension plans had been recovering enough from...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

Perkins Coie

Multiemployer Pension Underfunding: How to Protect Your Company

Perkins Coie on

As a result of a declining union workforce, bankruptcies of employers contributing to multiemployer pension plans (MEPPs), and tax rules that prevented MEPPs from developing sufficient reserves, many MEPPs have become...more

Fisher Phillips

Troubling Court Decision Sends Withdrawal Liability Warning To Employers

Fisher Phillips on

A federal appeals court has handed multiemployer pension plans a blank check to assess increased withdrawal liability against employers exiting a plan. The 11th Circuit Court of Appeals’ recent decision in Westrock RKT...more

Franczek P.C.

Central States Pension Fund Submits ‘Rescue Plan’ Seeking Approval to Reduce Benefits

Franczek P.C. on

On September 25, the Central States Pension Fund (one of the largest multiemployer/union pension funds in the country) submitted to the U.S. Department of Treasury a proposed “rescue plan,” which would allow the fund to...more

FordHarrison

Multiemployer Pension Plans - Withdrawal Liability is Mounting

FordHarrison on

There are approximately 1,400 multiemployer pension plans and nearly 10 percent are projected to become insolvent within the next 15 years. Plan insolvency will trigger a termination and the assessment of withdrawal...more

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