Category: Multiemployer Benefit Fund

Bipartisan multiemployer hybrid plan bill introduced in House

March 3, 2018

Multiemployer pension plan sponsors would have a new hybrid option combining defined benefit and defined contribution features under bipartisan legislation introduced late Tuesday in the House of Representatives. Reps. Phil Roe, R-Tenn., and Donald Norcross, D-N.J., introduced H.R. 4997, the Give Retirement Options to Workers (GROW) Act, that would allow sponsors to create the composite … More Bipartisan multiemployer hybrid plan bill introduced in House

Milliman Pension Fund Index analysis: Funded status drops in June by $4 billion

August 7, 2017

The Milliman 100 PFI funded ratio decreases to 83.5% as discount rates decline and assets post returns below expectations The funded status of the 100 largest corporate defined benefit pension plans decreased by $4 billion during June as measured by the Milliman 100 Pension Funding Index (PFI). The deficit grew to $285 billion from $281 … More Milliman Pension Fund Index analysis: Funded status drops in June by $4 billion

President’s Budget Proposal Cuts Funding for Enforcement and Job Training, Adds Parental Leave Program, and Changes PBGC Premiums

May 30, 2017

The fiscal year 2018 budget (FY 2018) proposal shows new priorities for the Trump Administration, with the Federal Education and Training Programs taking the brunt of the proposed budget cuts. The Department of Labor’s budget (DOL) includes a 20% reduction in funding from the FY 2017 enacted level, and large job training reductions and employment … More President’s Budget Proposal Cuts Funding for Enforcement and Job Training, Adds Parental Leave Program, and Changes PBGC Premiums

Summary of NLRB Decisions for Week of February 27 – March 3, 2017

March 15, 2017

Summarized Board Decisions No Published Decisions Issued. *** Unpublished Board Decisions in Representation and Unfair Labor Practice Cases R Cases Queen of the Valley Medical Center  (20-RC-185503)  Napa, CA, February 28, 2017.  The Board denied the Employer’s Request for Review of the Order by Acting Regional Director under NLRB Rule 102.66(c) Concerning Issues to be … More Summary of NLRB Decisions for Week of February 27 – March 3, 2017

PBGC Fiscal Year 2016 Annual Report Shows Increasing Deficit in Multiemployer Program

March 6, 2017

WASHINGTON – The Pension Benefit Guaranty Corporation today released its Fiscal Year 2016 Annual Report showing the deficit in its multiemployer insurance program rose to $58.8 billion. The increase was driven by additional multiemployer plans that are expected to run out of money within the next 10 years, and by decreases in interest factors used … More PBGC Fiscal Year 2016 Annual Report Shows Increasing Deficit in Multiemployer Program

New Hampshire abatement firm pleads guilty to federal fraud charges

February 20, 2017

An asbestos removal company pleaded guilty in connection with an illegal “double breasted shop” scheme aimed at enabling them to defraud the Massachusetts Laborers Benefit Fund (MLBF), Burlington, Massachusetts. In this case, the company used a second corporate entity to pay union members at non-union rates without union benefits. AQE Inc. of Windham, New Hampshire, pleaded … More New Hampshire abatement firm pleads guilty to federal fraud charges

Views Court drafts new joint employer test

February 11, 2017

On Jan. 25, a federal appeals court covering Maryland, Virginia, West Virginia, and North and South Carolina was the latest to craft a joint employer test, holding that a Maryland general contractor was the joint employer of its drywall subcontractor’s employees. As a result, the contractor was responsible for unpaid wages, including overtime, for the … More Views Court drafts new joint employer test

Union Retirees Cut Their Own Pension to Forestall Doomsday Scenario

February 7, 2017

In the first of its kind, members of an international construction union voted to make drastic cuts in their already earned pensions. Members of Local Ironworkers 17 in Cleveland, Ohio approved serious cuts in January of this year to their pension plan. It was the first time ever the employees of a multi-employer pension fund … More Union Retirees Cut Their Own Pension to Forestall Doomsday Scenario