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PSCA Executive Reports

November 26, 2019

Multiemployer Pension Legislation

Senators Chuck Grassley (R-IA), Chairman of the Senate Finance Committee, and Lamar Alexander (R-TN), Chairman of the Senate Health, Education, Labor, and Pensions (“HELP”) Committee, have introduced a proposal to provide funding relief to failing multiemployer plans and shore up PBGC’s multiemployer pension insurance system as it prepares to weather shocks from large failing plans. Among other things, the proposal would partition off certain liabilities from certain plans, increase the PBGC guarantee, tighten the minimum funding rules, amend the PPA zone status rules, greatly increase PBGC premiums, create new employer and union surcharges, require copayments from retirees, while exempting elderly and disabled retirees, make changes related to plan governance, and amend the withdrawal liability rules. The white paper and technical explanation provide more details.

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