PODCAST: Williams Mullen's Benefits Companion - Multiemployer Plans
Christmas came early this year for the beleaguered Teamsters Central States Pension Fund and its over 350,000 participants – but employers may soon realize they just received a lump of coal in their stockings. On December 8,...more
Early this morning the White House announced that $36 billion was being allocated from the American Rescue Plan (i.e., the 2021 Coronavirus relief package) to shore up the Teamster’s Central States Pension Plan....more
Seyfarth Synopsis: The First Circuit reversed a district court’s ruling holding two Sun Capital private equity (PE) funds responsible for the withdrawal liability incurred by a bankrupt portfolio company. ...more
Created in 1955, the CSPP remains one of the largest and oldest multiemployer pension plans in the United States, funding the pensions of 400,000 active and retired Teamsters. Shockingly, with the decline in the unionized...more
The recent opinion by the U.S. District Court for the District of Massachusetts on remand from the U.S. Court of Appeals for the First Circuit in the Sun Capital Partners case may be troubling to private equity funds and...more
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
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
In April, the Teamsters Central States Pension Fund (“Central States”) announced its intention to cut the benefits of retired workers under the recently enacted 2014 Multiemployer Pension Reform Act (“MEPRA”). I previously...more