Pension funds of multiemployer industrial groups, unions and nonprofit organizations
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Pension funds of multiemployer industrial groups, unions and nonprofit organizations by Harry Robert Bartell

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Published by National Bureau of Economic Research; distributed by Columbia University Press in New York .
Written in English

Subjects:

Places:

  • United States.

Subjects:

  • Pension trusts -- United States.

Book details:

Edition Notes

Bibliographical footnotes.

Statement[by] H. Robert Bartell, Jr. [and] Elizabeth T. Simpson.
ContributionsSimpson, Elizabeth T., joint author.
Classifications
LC ClassificationsH11 .N2432 no. 105
The Physical Object
Paginationxii, 52 p.
Number of Pages52
ID Numbers
Open LibraryOL5605825M
LC Control Number68012980

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A multiemployer plan is a pension plan created through an agreement between two or more employers and a union. The employers are usually in the same or related industries, like construction or transportation. Multiemployer plans are run by a board of trustees, with an . As a result of a declining union workforce, bankruptcies of employers contributing to multiemployer pension plans (MEPPs), and tax rules that prevented MEPPs from developing sufficient reserves, many MEPPs have become significantly underfunded. In fact, several large MEPPs are facing insolvency within the next ten years. Alternatively, the trust agreement may provide that the collective bargaining agreement will describe the plan design and benefits and, in those cases, the board of trustees is given the authority to collect sufficient contributions to fund the benefits. Are multiemployer pension plans covered by the Pension Benefit Guaranty Corporation (PBGC)?   The Multiemployer Pension Reform Act of (MPRA) gives the trustees of certain underfunded multiemployer plans that meet the definition of being in “critical and declining” status almost unprecedented authority to cut retiree pension benefits. The law requires, however, that before an eligible plan cuts benefits, it must first file an application with the U.S. Department of the Treasury.

  A multiemployer plan is a collectively bargained plan maintained by more than one employer, usually within the same or related industries, and a labor union. These plans are often referred to as "Taft-Hartley plans." Multiemployer Plan Coverage. There are about 1, multiemployer defined benefit pension plans, covering about 10 million. The Labor Department says union multi-employer pension funds are in "critical status," meaning that they lack enough assets to meet at least 65 percent of their future obligations. Millions of working Americans are depending at least in part on pension funds provided by their trade unions. But at least of those funds are in danger due to being inadequately funded by the. The Pension Fund is a joint labor-management trust fund established in by LIUNA and employers for the primary purpose of providing retirement income for LIUNA-represented employees working in various industries other than the building and construction industry. LNIPF.

The number of multiemployer pension plans grew dramatically after World War II providing retirement benefits to millions of employees by allowing groups of employers linked by trade, union, or geography to band together to offer collective pension plans that are bargained between labor and management. Volume Title: Pension Funds of Multiemployer Industrial Groups, Unions, and Nonprofit Organizations Volume Author/Editor: H. Robert Bartell and Elizabeth T. Simpson Volume Publisher: NBER Volume ISBN: X Volume URL: Publication Date: Chapter Title: Pension Funds of Nonprofit Organizations. A new, union-run multiemployer pension structure would be a stark change from more than a century of history, but the demise of many multiemployer pensions shows . The Multiemployer Pension Reform Act of allows the trustees of certain multiemployer pension plans to reduce pensions, including the benefits of retirees. Read a summary of the cutback provisions of the law here.. The Center for Retirement Research at Boston College has compiled a list of plans that may be permitted to cut benefits as a result of the new law.