Sentences with phrase «of multiemployer»

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.

A multiple employer plan is a type of single - employer plan that is maintained by two or more unrelated companies and does not meet the requirements of a multiemployer plan.

Plan participants who have questions about the status of their multiemployer pension plan should contact their union or their pension plan directly.

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 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.

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.

Not exact matches

By its own estimation, its fund to cover multiemployer pensions (which makes up $ 65 billion of the deficit) will be insolvent by 2025.

Note that it also protects the PBGC Multiemployer Trust, which itself is likely to run out of money by 2025.

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.

Now in 2014, Congress passed a law called the Kline - Miller Multiemployer Pension Reform Act of 2014.

If a multiemployer pension plan applies under Kline - Miller, plan participants and beneficiaries will be notified of the application, including an estimate of their reduced benefits.

Another PBGC program insures multiemployer plans covering unionized workers of non-related employers in the same industry, such as trucking or construction.

What's worse, is that those in multiemployer trusts have a maximum guarantee that is around 30 % of what a single - employer plan would receive.

Strong investment returns helped lift the average funding level of pension plans by three points, to 88 percent, from 2013 to 2014, according to Segal Consulting, which advises multiemployer trust funds.

Multiemployer Guarantee - When a multiemployer pension plan fails, PBGC provides financial assistance in the form of a loanMultiemployer Guarantee - When a multiemployer pension plan fails, PBGC provides financial assistance in the form of a loanmultiemployer pension plan fails, PBGC provides financial assistance in the form of a loan to the plan.

Unlike terminated single - employer plans, the plan sponsor of a terminated multiemployer plan continues to administer the plan and pay vested benefits out of existing plan assets.

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 yMultiemployer 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 ymultiemployer 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.

Multiemployer Pension Reform Act of 2014 (MPRA)- See Kline - Miller Multiemployer Pension Reform Act of 2014.

PBGC's guarantee of the benefits in a terminated multiemployer plan — payable as financial assistance to the plan — starts if and when the plan is unable to make payments at the level guaranteed under ERISA.

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 pensMultiemployer 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 pensmultiemployer pension plans to propose a temporary or permanent reduction of pension benefits.

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).

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.

We think it beyond question that a union may conclude a wage agreement with the multiemployer bargaining unit without violating the antitrust laws, and that it may, as a matter of its own policy, and not by agreement with all or part of the employers of that unit, seek the same wages from other employers.

It is true that wages lie at the very heart of those subject about which employers and unions must bargain, and the law contemplates agreements on wages not only between individual employers and a union, but agreements between the union and employers in a multiemployer bargaining unit.

(b) A union may make wage agreements with a multiemployer bargaining unit and may, in pursuance of its own self - interests, seek to obtain the same terms from other employers, but it forfeits its antitrust exemption when it agrees with a group of employers to impose a certain wage scale on other bargaining units, and thus joins a conspiracy to curtail competition.

She also negotiates with regulatory agencies on behalf of employers and multiemployer plans to prevent the assessment of penalties and excise taxes or the disqualification of plans.

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,...

Orrick's ERISA and Benefits Litigation lawyers counsel clients on withdrawal liability exposure in multiemployer pension plans and on the effects of asset sales and corporate transactions on potential withdrawal liability.

Additionally, we believe that references to coverage offered «through another group health plan» would also include coverage offered in connection with an employee organization and joint board comprised of equal employer and employee representatives (multiemployer plan).

However, identical bills were introduced in the 114th Congress in both the House and Senate that would limit the use of the like - kind exchange deferral as a way of partially offsetting the cost of provisions that would shore up multiemployer pension plans.