Recent Congressional Sub Committee Hearings discussed new additional recommendations to improve the Multi Employer Pension Reform Act Of 2014. A webcast can be viewed at the following link. You have to forward to the 39 minute mark before they actually start talking.
http://edworkforce.house.gov/calendar/eventsingle.aspx?EventID=398718
In this hearing a new idea called the "Composite Pension Plan" is discussed. This the next step in Multi Employer pension reform. The main idea is to set up individual accounts that will have flexible benefit payouts dependent upon investment performance. It also would greatly reduce withdrawal liability for employers. Here is a link to the Congressional press release.
http://edworkforce.house.gov/news/documentsingle.aspx?DocumentID=398799
Going forward, although this is not yet law, it seems to be part of an overall plan. Current and soon to be retirees will feel the affects of MEPRA 2014. These will include benefit cuts and other measures that will result in the funds ability to continue to make payments. At some point active employees will be moved into the new "Composite Pension Plans". The defined pension plan will cease to exist as current retirees die off. Here are two more links in which other plans discuss the new changes that will come next.
http://www.teacherpensions.org/blog/new-kind-plan
https://www.agc.org/news/2015/05/01...gn-during-house-multiemployer-pension-hearing
I am sure that whatever they are up to now, they are looking out for our best interests!
http://edworkforce.house.gov/calendar/eventsingle.aspx?EventID=398718
In this hearing a new idea called the "Composite Pension Plan" is discussed. This the next step in Multi Employer pension reform. The main idea is to set up individual accounts that will have flexible benefit payouts dependent upon investment performance. It also would greatly reduce withdrawal liability for employers. Here is a link to the Congressional press release.
http://edworkforce.house.gov/news/documentsingle.aspx?DocumentID=398799
Going forward, although this is not yet law, it seems to be part of an overall plan. Current and soon to be retirees will feel the affects of MEPRA 2014. These will include benefit cuts and other measures that will result in the funds ability to continue to make payments. At some point active employees will be moved into the new "Composite Pension Plans". The defined pension plan will cease to exist as current retirees die off. Here are two more links in which other plans discuss the new changes that will come next.
http://www.teacherpensions.org/blog/new-kind-plan
https://www.agc.org/news/2015/05/01...gn-during-house-multiemployer-pension-hearing
I am sure that whatever they are up to now, they are looking out for our best interests!