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.

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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.