Tag: multiemployer program
The brief’s key findings are: Participants in multiemployer pension plans have their benefits insured by the Pension Benefit Guaranty Corporation (PBGC). However, the PBGC’s guaranteed benefit levels are very low compared to single employer plans. Of greater concern, the PBGC’s insurance fund for multiemployer plans is projected to be exhausted within the next 10 years…
The brief’s key findings are: While most multiemployer pension plans are finding their financial footing, a substantial minority face serious problems. The key reason is a declining financial base, which results in negative cash flow. Plans deemed in “critical” condition can raise contributions, cut future benefits, and/or cut “adjustable” benefits that apply to retirees as well as…