Nicholas Pension Consultants
Nova 401(k) Associates
Compensation Strategies Group, Ltd.
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|Bill Would Protect Multiemployer Plan Participants from Benefit Cuts|
The Columbus Dispatch
Nov. 13, 2015
"The Teamsters Union has been working with several members of Congress to develop legislation that would prevent massive cuts to some pension beneficiaries.... S.1631 and House Resolution 2844, the Keep Our Pension Promises Act, sponsored by Sanders in the Senate and Kaptur in the House, not only would restore the anti-cutback rule but also would help prevent multiemployer pension plans from failing by making pension obligations a higher priority in bankruptcy proceedings, which would reduce the number of plans that become 'orphaned.' The bill also creates a legacy fund within the Pension Benefit Guaranty Corporation by closing two tax loopholes that only benefit the wealthiest members of society."
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