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 Webinar: How Technology is Transforming the Construction Industry

Technology is driving dramatic changes throughout the construction industry and every company is being affected. There is growing use of established software solutions while a host of emerging technologies and digital processes are rapidly gaining traction. Users are learning to…

February 29, 2024

WPCCA Microsoft Project Level 1 Course – Lesson 1

Join us for our first lesson of Microsoft Project Level 1 Course taught by Microsoft Certified Professional, James Law. This lesson will provide training on getting started with Microsoft Project. Attendees will learn how to identify project management concepts from…

February 27, 2024

HubSpot Platform Demo and Q&A

Join us learn more about HubSpot– a holistic customer platform that makes it easy for an entire company to work together — from marketing and sales to customer service. HubSpot provides an all-in-one solution. This demo will focus on their…

February 15, 2024

WPCCA Economic Outlook Webinar: The Good, The Bad, & The Ugly

Has the Federal Reserve successfully engineered a soft landing?  Or, is the confluence of geopolitical conflict, a presidential election, rising consumer debt levels, and still high interest rates conspiring to produce economic downturn in 2024?  It is difficult to know…

January 30, 2024

Clarity On State Law & Drug Testing In The Construction Industry

In 2022, Governor Newsom signed legislation (AB 2188) making cannabis users a protected class of employee. AB 2188 contained a delayed implementation date and took effect on January 1, 2024. The measure prohibited employers from discriminating in hiring, firing or…

January 29, 2024
MORE STORIES