WASHINGTON, D.C. - APRIL 14: Attendees rally on the West Front of the U.S. Capitol building with ... [+] Teamsters Union retirees who traveled from across the country to voice their opposition to deep cuts to their pension benefits on April 14, 2016, in Washington, D.C. Thousands are facing massive pension cuts because of a law called the Multiemployer Pension Reform Act of 2014 (MPRA). But the PBGC nonetheless does not have the authority to rewrite the law, so they didn’t. First, industry groups lined up to express concern about the decision — including the ERISA Industry Committee (ERIC), the American Academy of Actuaries, the National Coordinating Committee for Multiemployer Plans, and Albertsons Cos., a food retailer and former multiemployer pension plan participating employer. If investment returns on plan assets fall short of the interest rate used to determine the amount of SFA, the plan would fall short of its intended funding target. “the unions and employers who act as trustees for the multiemployer funds are probaby facing legal troubles if they accept bailout money.

Source: Forbes January 06, 2022 06:52 UTC