Congress Makes It Possible to Reduce Some Union Pensions

As a part of the Consolidated and Further Continuing Appropriations Act, 2015, passed by Congress and signed by the President on December 18, 2014, the 161-page "Multiemployer Pension Reform Act of 2014" (Act) gives the trustees of a financially troubled multiemployer pension plan (and in some cases the federal government) the ability to temporarily or permanently reduce plan benefits for active and/or retired participants in order to keep the plan solvent, along with other changes.

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