US. Multiemployer Pensions Update: A Lump Of Coal In Their Christmas Stockings
How do you write about something that didn’t happen?
On Sunday night, President Trump, after much delay, signed the combo Covid-relief and omnibus appropriations bill. Since I had been bookmarking a variety of articles that anticipated the inclusion of retirement related provisions in that bill, and even more voices calling for the need to resolve the multiemployer pension crisis (which I myself last addressed in October), I looked at the text as soon as it was made available, went to the text search box, and started looking:
“Retirement”? Provisions regarding retirement funds for workers of various federal agencies, including the military. Multiple references to the Employee Retirement Income Security Act of 1974, to make changes to prevent surprise medical bills. Two small adjustments, allowing retirement plans to make distributions to employees who continue to work after the eligibility age of 59 1/2, or age 55 for certain employees. A temporary change in regulations regarding partial plan terminations. Special disaster-related rules around tax treatment of 401(k) and other retirement plan distributions.
“Pensions”? References to a “suspension agreement” or other sorts of “suspensions” as well as the Committee on Health, Education, Labor and Pensions. Provisions for VA pensions.
The Pension Benefit Guaranty Corporation? Only the same appropriation of funds for administrative expenses as in any other year (see, for instance, last year’s bill).
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