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Big Changes to Underfunded Multiemployer Plans Coming in 2015

December 24, 2014
The Multiemployer Pension Reform Act of 2014 (the ?Ç£Act?Ç¥) was signed into law mid-December. The Act?ÇÖs changes include permitting certain multiemployer plans to suspend benefits for participants, including participants already receiving benefits; doubling the amount of PBGC premiums; addressing contribution schedules once collective bargaining agreements expire; and increasing PBGC?ÇÖs ability to partition plans and facilitate plan mergers. Generally, the Act?ÇÖs provisions are effective for plan years beginning on or after January 1, 2015. The Consolidated and Further Continuing Appropriations Act, 2015, which contains the Act, can be found here.
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