PBGC readies rules to cut retiree pension benefits
The Pension Benefit Guaranty Corporation (PBGC) is getting ready to implement a new law that allows distressed union multi-employer pension plans to reduce retiree benefits — if that can halt them from sliding into insolvency.
PBGC Partition Rules Give Clear Guidance, Will Help Preserve Plans, Commenters Say
Regulations issued by the Department of Treasury and the Pension Benefit Guaranty Corporation will help troubled multiemployer plans from sliding into insolvency, but not without forcing participants and beneficiaries to make hard choices, pension professionals told Bloomberg BNA in recent interviews.
Critics question proposed rules for cutting pensions
Six months after Congress approved reducing benefits promised to workers covered by certain troubled pension plans, the IRS and the Pension Benefit Guaranty Corp. have published proposed rules for how pension promises can be broken.
ERISA’s Demise: The Domino Effect and Huelga: Story from a Casino Utility Closet
PRC Executive Vice President and Policy Director Karen Friedman appeared on this radio program to discuss Sen. Bernie Sanders’ bill to repeal benefit cutbacks for retirees in certain underfunded multiemployer pension plans. Karen’s segment begins at 19:40 in the podcast and lasts for approximately 30 minutes. [AUDIO]
Groups start working to pass federal law intended to stave off private pension cuts
Mike Walden used a baseball metaphor in describing the introduction Thursday of federal legislation that would, if passed, eliminate pension cut provisions that are now law and could impact more than a million people in upcoming years.
Teamsters, machinists, aerospace unions supports bill to repeal multiemployer reforms
International Brotherhood of Teamsters, Washington, endorsed legislation introduced Thursday that would repeal the Multiemployer Pension Reform Act of 2014.
PRC Comments to Treasury on the Multiemployer Pension Reform Act of 2014 (May 26, 2015)
The Pension Rights Center sent comments [PDF] on the retiree cutback provisions of the Multiemployer Pension Reform Act of 2014 to the Treasury Department in response to its Request for Information. Additional resources Our summary of the retiree pension cutback provisions in the spending bill. Our fact sheet on multiemployer plan funding in general (May 29, 2014) Related […]
Sen. Bernie Sanders and Rep. Marcy Kaptur Act to Stop Devastating Cuts to Retirees’ Pensions
WASHINGTON – The Pension Rights Center strongly praised Senator Bernie Sanders (I-Vt.) and Representative Marcy Kaptur (D-Ohio) for introducing legislation today that would repeal the pension cutback provisions of the Multiemployer Pension Reform Act of 2014 (MPRA). The Keep Our Pension Promises Act of 2015 would preserve retirees’ pensions while providing financial relief to troubled […]
Ohio congresswoman Marcy Kaptur, Bernie Sanders offer new legislation to repeal private pension cut provisions
Presidential candidate Bernie Sanders and U.S. Rep. Marcy Kaptur, D-Toledo, are introducing legislation Thursday to repeal pension cut provisions in the Multiemployer Pension Reform Act of 2014.
IRS’s W. Thomas Reeder Nominated To Lead PBGC; Pick Widely Lauded
President Barack Obama nominated W. Thomas Reeder Jr. as director of the Pension Benefit Guaranty Corporation, and initial reaction the day after was positive from various realms of the employee benefits community.