Federal spending bill includes multiemployer-pension policies
Post date
December 16, 2014
Body
Provided by Engineering News Record
Union construction workers could benefit from rule changes related to multiemployer-pension plans in the recently passed $1.1 trillion federal budget expected to be signed by President Barack Obama. The change, which allows sponsors to temporarily or permanently cut off member benefits if the pension has financial problems, increases member premiums to the Pension Benefit Guaranty Corp. "Without these new measures, thousands of retirees would likely have been forced to accept the savage cuts to their retirement benefits that come when the Pension Benefit Guaranty Corp. is forced to step in," said Associated General Contractors of America's Stephen Sandherr.