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Multiple Employer Plans
The U.S. Chamber of Commerce has made suggestions in a recent paper for ways to bolster the private-sector retirement system.The keys to strengthening the system, says the Chamber, is to strengthen the current retirement structure, address the demographic changes and retirement needs of an evolving...
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The Senate Finance Committee held a hearing Jan. 28 on “Helping Americans Prepare for Retirement: Increasing Access, Participation and Coverage in Retirement Savings Plans.” Chairman Orrin Hatch (R-Utah) noted in his opening remarks that the hearing would allow the full committee to hear more...
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That “unique representational interest” that the Department of Labor (DOL) feels justifies the sponsorship of an open multiple employer plan (MEP) by a state for its citizens might extend beyond state boundaries.Assistant Secretary of Labor Phyllis Borzi says that some New England states have...
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Reports from the Senate Finance Committee’s five bipartisan tax working groups have been published, including policy options and recommendations on savings and investment.On Jan. 15, the Senate Finance Committee, which has jurisdiction over tax policy, announced that Chairman Orrin Hatch (R-Utah)...
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In coming years, more than half of workers and retirees in terminated multiemployer plans will face a reduction in benefits under current Pension Benefit Guaranty Corporation (PBGC) guarantees if their plans run out of money, according to a new study.In the past, only about 20% of workers and...
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The Pension Benefit Guaranty Corporation is seeking input on the implementation of the Multiemployer Pension Reform Act (MPRA) of 2014. The MPRA, enacted Dec. 16, 2014, included provisions that amended ERISA by replacing the rules for the partition of multiemployer plans and adding rules for...
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The Department of Labor (DOL) has placed 150 multi-employer pension funds in critical status, and another 85 on the list of plans it calls endangered.According to the DOL: to be in critical condition, a plan has to have so few assets that it cannot meet 65% of its future obligations; and to be...
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The 114th Congress has gotten off to a quick start with retirement legislation.During the week of Jan. 25, Collins-Nelson Retirement Security Act of 2015 (S. 266) was introduced in the Senate, while a companion bill, the Retirement Security Act of 2015 (H.R. 557) was introduced in the House. The...
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The ERISA Advisory Council has thrown its support behind the notion of multiple employer plans as a means of encouraging plan formation.The recommendation came as part of a series of suggestions regarding outsourcing employee benefit plan services following hearings held by the ERISA Advisory...
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