multiemployer pension news 2021

WASHINGTON, DC— This afternoon, Ways and Means Committee Chairman Richard E. Neal (D-MA) will introduce the Emergency Pension Plan Relief Act of 2021 – an updated version of the Butch Lewis Act – legislation to address the worsening multiemployer pension crisis that threatens the savings of more than a million American workers and retirees. Quick fix for multiemployer pensions unlikely on Capitol Hill. Letter supporting the multiemployer pension relief provisions in the American Rescue Plan Act of 2021 as essential COVID-19 relief Dear Leaders Schumer and McConnell, The undersigned employers, representing millions of essential workers, support the multiemployer pension provisions in the American Rescue Plan Act of 2021 and urge Senate adoption of this very important and timely … Well I have read on different sources that the pension fix language was in the 1.9 billion dollar covid bill.. Well it passed this morning but so far haven't seen anything about the pensions.. Fox news had a link but now that link is no good so here is another. On February 26, the House of Representatives passed the American Rescue Plan Act of 2021, a $1.9 trillion COVID-19 relief proposal that includes multiemployer pension relief. Legislation to help struggling multiemployer pension funds is … 2021.02.18. Under the 2014 Kline-Miller Multiemployer Pension Reform Act, struggling pension funds were allowed to cut retiree payments. Stay up to date with the latest multiemployer pension news and retirement plan developments. Traci Dority-Shanklin. March 03, 2021. Before the pandemic, 130 defined benefit plans were in danger of insolvency, but now that number has jumped to 200. The World of MultiEmployer Benefit Funds Podcast. But still….) We will see exactly how this shakes out, but one of the parts has got my attention: the Butch Lewis Emergency Pension Plan Relief Act of 2021, which shares (partly) the name of a previous multiemployer pension (MEP) bailout bill, but goes beyond that bill by not being a half-assed bailout. The Butch Lewis Emergency Pension Plan Relief Act of 2021 (Butch Lewis EPPRA) was passed in the House in February as part of a larger COVID-19 relief bill. February 2021 Participant Update Newsletter #2 Many did by anywhere from 20% to as much as 70% to stay solvent. The package, according to The New York Times, "includes more than $400 billion to combat the pandemic directly, including money to accelerate vaccine deployment and to safely reopen most schools within 100 days. News Check back for the latest news about the multiemployer pension crisis and our campaign to protect your pension benefits. Looking forward to 2021, the incoming Biden administration and the new 117th Congress will continue to grapple with how best to avoid the looming insolvency of both the Pension Benefit Guaranty Corporation’s (PBGC) multiemployer pension insurance program and a growing number of plans in critical and declining status. AAF's Director of Fiscal Policy Gordon Gray compares and contrasts previous efforts to reform multiemployer pensions and examines the implications of House Democrats' latest proposal. Pension Reform and the New Congress. (Well, barely. Seyfarth Synopsis: On Monday, the Senate Parliamentarian ruled that the multiemployer pension plan bailout provisions in the $1.9 trillion American Rescue Plan (a.k.a. President Trump’s proposed budget for the next fiscal year includes two new premiums that would raise revenue to shore up the Pension Benefit Guaranty Corporation’s multiemployer plan program. In recent months, two competing visions for multiemployer pension reform legislation have been introduced in Congress. As of 2017, the country’s 1,400 or so multiemployer pension plans had a total shortfall of $673 billion. Looking to 2021, all of the key House members involved in the multiemployer pension issue will retain their seats and positions. The Butch Lewis Act of 2021 … Unemployment data; Investment trends; The latest compliance news affecting multiemployer plans

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