Archive for the ‘Multiemployer Pensions’ Category

Bailout Bill: Pretext and Truth

As reported, the Rehabilitation of Multiemployers Act would establish the Pension Rehabilitation Administration (PRA) within the Department of the Treasury authorized to issue bonds to finance loans to “critical and declining” status multiemployer pension plans, to plans that have suspended benefits, and to some recently insolvent plans currently receiving financial assistance from the Pension Benefit Guaranty Corp (PBGC). Here is the official summary but to see the real impetus you need to go to a few pages from the text:

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Butch Lewis Act Re-Introduced

According to an email blast from the Road Carriers Local 707 Welfare and Pension Funds:
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United Mine Workers Update (3)

Update 1: 4/29/17

Update 2: 5/8/18

On Thursday, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) “introduced the American Miners Act of 2019, legislation that would secure pensions and healthcare benefits for our nation’s retired coal miners – including 500 Virginians affected by the recent bankruptcy of a Colorado-based mining company” by, in part, transferring money “to the 1974 Pension Plan to prevent its insolvency.” Where will the money come from?

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Multiemployer Plan Bailout Outlook for 2019

The Road Carriers Local 707 Pension Fund is broke, thus being the multiemployer plan most desperate for a bailout. After the failure of the Bailout Committee below is what the Fund administrators are telling plan participants to expect.

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Local 94 Benefit Cuts Finalized

The Plasterers and Cement Masons Local No. 94 Pension Fund out of Harrisburg, PA got government approval for benefit cuts last month and, after a voting process that even Floridians would be find barbaric, last Thursday the results of the participant vote were announced:

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Goodbye Bailout Committee – For Now

What might be the last update to the Joint Select Committee on the Solvency of Multiemployer Pension Plans (Bailout Committee) website:

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Breaking News: Bailout Committee Announcement

As reported by commenter John C. Anderson on this blog here is the news we can expect this week out of the Joint Select Committee on Solvency of Multiempoyer Pension Plans (Bailout Committee).

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