But now its buckling under the weight of an arcane pension plan that has left the brickyards fourth-generation owner responsible for not only his own retired workers, but for those from defunct companies that were once part of the plan. Stiles and Hart, whose bricks have been used to restore such Colonial-era landmarks as Bostons Faneuil Hall, is one of scores of small businesses in the United States struggling to prop up about 120 multi-employer plans classified as critical and declining. But should this rule be finalized, and skipping over the arcane details, here’s how the bailout would work:How much money? And since the employers’ contributions are union-negotiated and essentially reflect foregone wages, young employees would be paying into pension plans without anything to show for it, in 2051. At the same time, no multiemployer pension plan is worse off with this legislation than without it, even if it isn’t as generous as they would have liked.

Source: Forbes July 11, 2021 21:56 UTC