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The distressed financial condition of many multiemployer pension plans has been well-chronicled. Some employers have direct exposure to multiemployer pension plans as a result of union contracts requiring employer contributions. Other employers have more limited exposure to multiemployer pension plans, such as when the employer considers the acquisition of a company that participates in a multiemployer plan.
A key consideration in any evaluation of a multiemployer pension plan is the possibility that an employer might incur withdrawal liability if the employer completely or partially withdraws from plan participation. If the employer incurs a withdrawal event, the employer is responsible (has withdrawal liability) for its allocable share of the plan’s unfunded vested benefits. Thus, if the plan is not fully funded at the measurement date applicable to an employer’s withdrawal, the employer incurs withdrawal liabili
Kroger Family of Companies Reaches Agreement with Local Unions to Improve Security and Stability of Future Pension Benefits for Associates
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Don t Assume Pension Plan Assistance Program Reduces Liability
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6:03 Before the coronavirus pandemic shut down Broadway, Bill Whitaker drove every week from his home in Connecticut to New York City, where he performed in “Phantom of the Opera” as a bass trombonist. This was Whitaker’s main gig for 19 years, but he had many others.
Throughout those years, he was a union member, and while he never expected a lavish retirement, he figured he would get something from his musicians pension. But when the pandemic hit and the music stopped, so did pension contributions from his multiple employers. He worried about an uncertain future.
“Obviously, you work for a very long time and you’d like to be thinking that when you put money away, when you do retire, that you’ve worked long and hard and that you have money that you can retire on,” Whitaker said. “There have been contributions made on my behalf in the pension fund since 1987.”
Operator
Good day, and welcome to the Yellow Corporation first-quarter 2021 earnings conference call. All participants will be in a listen-only mode. [Operator instructions] After today s presentation, there will be an opportunity to ask questions. Please note, this event is being recorded.
I would now like to turn the conference over to Tony Carreno, vice president of investor relations. Please go ahead.
Tony Carreno
Vice President of Investor Relations
Thank you, operator, and good afternoon, everyone. Welcome to Yellow Corporation s first-quarter 2021 earnings conference call. Joining us on the call today are Darren Hawkins, chief executive officer; Dan Olivier, interim chief financial officer; and Darrel Harris, president. During this call, we may make some forward-looking statements within the meaning of federal securities law.