The Central States multiemployer pension plan’s application to reduce retiree benefits has been unanimously denied by the Treasury Department, Pension Benefit Guaranty Corp., and the Department of Labor.
Under the 2014 Multiemployer Pension Reform Act, collectively bargained pension plans on a course for insolvency are allowed to apply to Treasury for the right to reduce promised benefits, so long as doing so would assure the future solvency of the plan.
The Central States plan was the first to apply for benefit reductions under MPRA.
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.
