Search Results for keywords:"Multiemployer Pension Reform Act of 2014"

The Board of Trustees of the American Federation of Musicians & Employers Pension Fund has applied to reduce benefits, as per the Multiemployer Pension Reform Act of 2014. This application has been published on the Treasury Department's website. The Department of the Treasury is requesting public comments on the application from interested parties like participants, beneficiaries, and contributing employers. Comments need to be submitted by March 8, 2021, either electronically via the Federal eRulemaking Portal or by mail to the Treasury Department.

The Department of the Treasury has announced that the Board of Trustees of the Roofers Local No. 88 Pension Fund has submitted an application to reduce benefits under their pension plan. This proposal comes under the Multiemployer Pension Reform Act of 2014, which allows certain pension plans projected to run out of money to make such changes. The application is now available on the Treasury's website, and the public is encouraged to submit comments on it by February 26, 2021. Interested parties, such as plan participants, beneficiaries, employee organizations, and contributing employers, are invited to share their feedback.

The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule that amends regulations concerning the allocation of unfunded vested benefits to employers that withdraw from multiemployer pension plans. This rule, in response to changes made by the Multiemployer Pension Reform Act of 2014, simplifies how employers' withdrawal liabilities are calculated, especially when a pension plan has reduced benefits or adjusted contributions. The changes aim to make it easier for plan sponsors to comply with statutory requirements while reducing administrative burdens. The new rules apply to employer withdrawals that occur in plan years starting on or after February 8, 2021.