PODCAST: Williams Mullen's Benefits Companion - Multiemployer Plans
Multiemployer pension plans are collectively bargained defined-benefit employee benefit plans that are funded by several unrelated employers for the benefit of unionized employees. In recent years, the crisis of significantly...more
The American Rescue Plan that was sent to President Biden’s desk on March 11, 2021 includes an $86 Billion aid package that provides financial assistance to underfunded multiemployer pension plans facing critical or declining...more
After several weeks of tense negotiations and legislative twists and turns, President Biden’s latest COVID-19 stimulus package – the American Rescue Plan – has been passed by Congress and will become law once the president...more
The US Senate on March 6 passed the Butch Lewis Emergency Pension Plan Relief Act of 2021 (EPPRA) as part of the American Rescue Plan of 2021 (H.R. 1319), the Biden administration’s $1.9 trillion COVID-19 stimulus package. ...more
In the early morning hours of Saturday, February 27, the U.S. House of Representatives passed President Biden’s $1.9 trillion latest COVID-19 stimulus bill, containing a slew of employment-related initiatives that could have...more
Without congressional intervention, about 100 multiemployer pension plans are expected to become insolvent in the next 20 years, and some much sooner. In other words, for these pension plans, their liabilities to retired...more
House Education and Labor Chairman Bobby Scott (D-VA) recently introduced legislation that seeks to rescue multiemployer pension plans (MEPs) facing insolvency. Entitled the Emergency Pension Plan Relief Act (EPPRA), the bill...more
The ongoing effort to provide relief for troubled multiemployer pension plans took many twists and turns in 2020, and the year ended once again without an agreed-upon solution. Looking forward to 2021, the incoming Biden...more
On Tuesday, May 12, 2020, House speaker Nancy Pelosi unveiled a 1,815 page, $3 trillion COVID-19 relief bill that would touch on almost every area of the economy and impose new obligations on employers. Some areas are,...more
The Give Retirement Options to Workers Act (Grow Act) was introduced by representatives Phil Roe (R-Tenn.) and Donald Norcross (D-N.J.) on February 14, 2018. According to reports, provisions of the Grow Act were included in...more
People have asked me about the possibility of new laws pertaining to multiple employer plans (MEPs) and other changes to 401(k) plans. Quite honestly, I’m not one to pay attention to any legislation unless it actually becomes...more
Congress Sprints to the Finish. Congress is back after its Thanksgiving break, and it will be a busy few weeks before it adjourns (as we previously mentioned, Congress is scheduled to adjourn on December 14, 2018, though that...more
The approaching holidays may have put Congress, the National Labor Relations Board and the United States Supreme Court in the “gift-giving” mood. In the last week, three significant developments occurred which may radically...more