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The Pension Benefit Guaranty Corp. has issued new guidance for troubled multiemployer plans that are facing potential employer withdrawals, a prospect that could accelerate the insolvency of underfunded collectively bargained retirement plans.
Under the Employee Retirement Income Security Act, employers that leave underfunded multiemployer plans have to pay a withdrawal penalty equal to their share of a plan’s unfunded benefit obligations.
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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.
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