Sentences with phrase «for multiemployer»

The per - participant flat premium rate for plan years beginning in 2018 is $ 74 for single - employer plans (up from a 2017 rate of $ 69) and $ 28 for multiemployer plans (no change from 2017).

Kline - Miller Multiemployer Pension Reform Act of 2014 (MPRA)- Under this law, Congress established a new process for multiemployer pension plans to propose a temporary or permanent reduction of pension benefits.

Withdrawal Liability (for Multiemployer Plans only)- The liability assessed by a multiemployer defined benefit plan against an employer that (1) permanently stops contributing to the plan, (2) permanently ceases covered operations under the plan, or (3) under certain circumstances, reduces its contributions to the plan.

For multiemployer plans, see Multiemployer Guarantee.

Notice of Insolvency (for Multiemployer Plans only)- The notice, required by ERISA, that a multiemployer plan must provide to (1) participants, (2) PBGC, and (3) certain other parties, when the plan has, or expects to, run out of money for a plan year or years.

See Termination (for Multiemployer Plans).

For multiemployer plans, a benefit or benefit increase that has been in effect under a plan for less than five years (60 months) is not eligible for PBGC's multiemployer guarantee.

After that, those relying on the PBGC for multiemployer pension payments get zero, unless something changes.

Not exact matches

Senate Minority Leader Charles E. Schumer on Monday named eight senators to the select committees tasked with overhauling the budget and appropriations process as well as providing recommendations for restoring the solvency of multiemployer pension plans.

But the looming collapse of the multiemployer pension system is significant given the sheer number of people affected and the potential for a devastating economic ripple effect: retirees losing the pension checks that keep them afloat and a potential wave of bankruptcies among the companies that once employed those workers.

Witnesses for the Joint Select Committee on Solvency of Multiemployer Pension Plans said demographics, failing industries and market returns led to the insolvency of multiemployer pMultiemployer Pension Plans said demographics, failing industries and market returns led to the insolvency of multiemployer pmultiemployer pension plans.

Employer insolvencies in an underfunded multiemployer plan affect all participants, including those working for solvent firms.

With corporations, the protection of the Pension Benefits Guarantee Corporation [PBGC] has kept pensions safe up to a limit — as of 2016, up to roughly $ 60K / year for those retiring at age 65 (less for younger retirees) from single - employer plans, and $ 12,870 / year at most for those in multiemployer plans.

Union miners are among the 10.4 million Americans with retirements tied to multiemployer pension plans, the large investment pools considered low risk because they don't rely on a single company for financing.

See PBGC's Two Pension Insurance Programs: Single - Employer and Multiemployer for more information.

See Multiemployer Benefit Guarantees for more information.

See Multiemployer Plan Insolvency and Benefit Payments and Multiemployer Benefit Guarantees for more information.

See Multiemployer Pension Reform Act of 2014 FAQs, Multiemployer Plans and Partition, and PBGC Proposes Rule to Facilitate Mergers of Multiemployer Pension Plans for more information.

Multiemployer plans provide pension portability, allowing participants to accumulate benefits earned for service with different employers throughout their careers.

A multiemployer plan that (i) is not in critical status for a plan year but is projected by the plan actuary to be in critical status in any of the succeeding 5 plan years, and (ii) does not make an election to be in critical status for the plan year, must provide notice of its projected critical status to PBGC.

In a recent decision, Tsareff v. ManWeb Services, Inc., the Seventh Circuit Court of Appeals again held that an asset purchaser may be liable for the asset seller's ERISA multiemployer pension plan withdrawal liability,...