Page 3 - Multiemployer Program News Today

WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) today released the agency’s Fiscal Year (FY) 2021 Projections Report .

Republicans disagree, saying pension funding has nothing to do with pandemic relief. Pension plans were at risk prior to COVID-19, and the aid will help around 10 million Americans. President Joe Bidens $1.9 trillion stimulus plan passed the House on Wednesday, setting it up to become law this week, but where the money in the bill is going remains controversial. One of the controversial recipients: pension plans. Democrats included $86 billion in direct aid for pension funds in the stimulus bil...

The stimulus includes money to help 10.7 million pension plans. Republicans dont see how thats pandemic aid. asheffey@businessinsider.com (Ayelet Sheffey) Bidens stimulus bill includes $86 billion in pension funding, which Democrats say is necessary. Republicans disagree, saying pension funding has nothing to do with pandemic relief. Pension plans were at risk prior to COVID-19, and the aid will help around 10 million Americans. President Joe Bidens $1.9 trillion stimulus plan p...

The much-heralded Butch Lewis Emergency Pension Plan Relief Act of 2021 is part of the COVID-19 relief bill, which is set for a vote in the House. The Butch Lewis Act of 2021 addresses the plight of multiemployer and single-employer pension plans after COVD-19.

I – Overview of the Butch Lewis Emergency Pension Plan Relief Act The much-heralded Butch Lewis Emergency Pension Plan Relief Act of 2021 (the “Butch Lewis Act of 2021”) is closer to becoming a reality as part of the COVID-19 relief bill, which is set for a vote in the House of Representatives on February 26, 2021. The Butch Lewis Act of 2021 strives to address the plight of multiemployer and single-employer pension plans in the wake of COVD-19. Here we discuss only the multiemployer pen...

PBGC Pension Programs Continue Divergence The pension lifeboat’s multiemployer plan is five years from insolvency, while the single-employer plan remains robust. The Pension Benefit Guaranty Corporation’s (PBGC) insurance programs for single-employer and multiemployer plans continue to diverge, as the former remains healthy while the latter faces impending insolvency, according to the agency’s annual report. The programs cover the pensions of more than 34 million participants with plan be...