The Pension Benefit Guaranty Corporation (PBGC) is proposing a rule to facilitate mergers of multiemployer pension plans that will be published in the Federal Register on June 6.
The proposed rule implements changes under the Multiemployer Pension Reform Act of 2014 (MPRA). PBGC has authority to facilitate plan mergers by providing technical assistance, or financial assistance, if necessary, to avoid plan insolvency.
"Plan mergers can make multiemployer pensions more stable and secure," Tom Reeder, director of PBGC, said in a statement. Reeder continued, "PBGC can help save troubled multiemployer plans before they fail. That helps plan participants and reduces the long-term costs of the pension insurance program."
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