Multiemployer Pension Update

Last week, witnesses from the U.S. Chamber of Commerce and businesses (including the UPS) told the Joint Select Committee on the Solvency of Multiemployer Pension Plans that should the estimated 150 to 200 multiemployer pension plans that are in danger become insolvent, the companies that paid into those plans would be held liable. That would drive many of the companies into bankruptcy. Under current rules, “employers cannot leave plans in crisis without paying large sums or declaring bankruptcy.”

To date, the committee has had one business meeting, held three hearings and will hold three more hearings: two in Washington, D.C. and one in the field. Led by co-Chairmen Sens. Sherrod Brown (D-OH) and Orrin Hatch (R-UT), it has until late November to find a solution. Congress must vote up or down on any proposed solution, with no amendments. Currently, Sen. Brown introduced the Butch Lewis Act (named after a Cincinnati-area retiree who died fighting against cuts to the Teamsters Central States Pension Fund) that would create a low-interest, 30-year federal loan to troubled pension plans, with no cuts to retiree benefits. However, Sen. Hatch made clear Wednesday that he is not convinced that Brown’s bill is the solution.”

Recent Posts

WPCCA ConstructConnect Live Demo

Join us for a live demo with ConstructConnect, the leading preconstruction platform that helps commercial construction professionals find more projects, bid smarter, and work faster. Date: Tuesday, November 18, 2025 Time: 11:00am – 12:00pm Location: via Zoom Key Takeaways: Access 750,000+ active…

October 8, 2025

WPCCA AI for Personal Productivity & Firm Transformation Workshop

In this fast-paced, hands-on workshop, AI consultant Stjepan Mikulic will help you turn AI into measurable results—both personally and across your entire firm. You’ll learn how to create custom GPTs, use AI to build presentations, visuals, and reports. Then, we’ll…

September 24, 2025

WPCCA Document Crunch Live Demo

Join us for a live demo of Document Crunch, the industry’s leading AI-powered risk platform built to simplify complex contracts and project documents, accelerate decision-making, and keep projects moving forward. Document Crunch empowers your team to quickly review contracts, specifications,…

September 10, 2025

WPCCA 3 Pillars of AI Implementation Webinar

Join us for an engaging presentation with Stjepan Mikulic, founder of AI in AEC, a global training provider serving architects, engineers, and construction professionals in more than 60 countries. Stjepan will explore the three key aspects every firm must navigate…

August 21, 2025

What Employers Need to Know About No Tax on Overtime

On July 3, 2025, the U.S. House of Representatives narrowly passed H.R.1, the so-called “One Big Beautiful Bill Act,” ending a dramatic journey through Congress that dominated headlines in recent weeks. The Act includes several provisions related to campaign promises…

July 23, 2025
MORE STORIES