The Pension Rights Center agrees that many multiemployer pension plans are in financial distress right now, and that reforms are needed, but it told a House committee this week that it doesn't agree with the idea of cutting existing benefits to retirees.
It told lawmakers considered legislation to address the issue that a recent report by the National Coordinating Committee on Multiemployer Plans includes some good ideas for how to reform the future of multiemployer plans. Those ideas include the concept of alliances, clarifying Pension Benefit Guaranty Corp. authority to facilitate mergers, and innovative pension plan designs.
But, the Pension Rights Center said, it is "deeply troubled by the document's suggestions for deeply troubled plans, which endorse the unprecedented and dangerous step of empowering plan trustees in ongoing and still solvent plans to slash benefits of men and women who are already in retirement and who have no opportunity to replace lost benefits."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
