The U.S. Department of Treasury today released proposed andtemporary regulations in support of the implementation of theKline-Miller Multiemployer Pension Reform Act of2014.
The controversial law, passed as part of the government’somnibus spending bill in the waning hours of the last Congress,established a new process for the most critically underfunded multiemployer pensionplans to reduce benefits to existing retirees as ameasure to maintain future solvency.
Under provisions of the Kline-Miller reform act, multiemployerplans are deemed to be in “critical and declining” status if theyexpect to be insolvent in 15 years, or insolvent in 20 years andhave a ratio of inactive-to-active participants exceeding 2 to 1,or are less than 80 percent funded.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
