When a New York waste operator took over a waste hauling and recycling contract for Westchester County last year, the successful acquisition of a multimillion-dollar business opportunity turned into a pension liability...more
A bankruptcy court in Delaware recently upheld rules issued by the Pension Benefit Guaranty Corporation (PBGC) that severely impact how liability is calculated for employers withdrawing from multiemployer pension plans...more
10/24/2024
/ American Rescue Plan Act of 2021 ,
Bailout ,
Bankruptcy Court ,
Creditors ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Loper Bright Enterprises v Raimondo ,
Multiemployer Plan ,
PBGC ,
Pension Funds ,
Pensions ,
Withdrawal Liability
“Withdrawal liability” blindsides many employers when they stop contributing to collectively bargained pension plans. Multiemployer plans have used different calculations for years that inflate the withdrawal liability they...more
Christmas came early this year for the beleaguered Teamsters Central States Pension Fund and its over 350,000 participants – but employers may soon realize they just received a lump of coal in their stockings. On December 8,...more
The federal agency overseeing voluntary private defined benefit pension plans just issued its Interim Final Rule on how withdrawal liability will be impacted by the billions of dollars that will be paid to failing...more
After several weeks of tense negotiations and legislative twists and turns, President Biden’s latest COVID-19 stimulus package – the American Rescue Plan – has been passed by Congress and will become law once the president...more
3/10/2021
/ Biden Administration ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Families First Coronavirus Response Act (FFCRA) ,
Financial Stimulus ,
Legislative Agendas ,
Minimum Wage ,
Multiemployer Plan ,
Pensions ,
Popular ,
Relief Measures ,
Small Business ,
Tax Credits ,
Unemployment Benefits ,
Unions ,
Vaccinations ,
Wage and Hour
In the early morning hours of Saturday, February 27, the U.S. House of Representatives passed President Biden’s $1.9 trillion latest COVID-19 stimulus bill, containing a slew of employment-related initiatives that could have...more
3/1/2021
/ Biden Administration ,
COBRA ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Families First Coronavirus Response Act (FFCRA) ,
Financial Stimulus ,
Legislative Agendas ,
Minimum Wage ,
Multiemployer Plan ,
Pensions ,
Popular ,
Relief Measures ,
Small Business ,
Tax Credits ,
Unemployment Benefits ,
Unions ,
Vaccinations ,
Wage and Hour
A federal appeals court has handed multiemployer pension plans a blank check to assess increased withdrawal liability against employers exiting a plan. The 11th Circuit Court of Appeals’ recent decision in Westrock RKT...more
Too Little, Too Late? -
Employers and unions locked into failing multiemployer pension plans received an 11th-hour reprieve in late December when Congress passed legislation revising laws that had hobbled these plans...more