Relief for endangered pension plans and benefit protection
This Act aims to rescue endangered multiemployer pension plans by providing financial assistance through special partition relief. This ensures that participants and beneficiaries can maintain their threatened benefits. It also introduces changes in management and reporting rules to enhance the stability and transparency of the pension system.
Key points
Financial assistance for endangered pension plans through a partition mechanism.
Reinstatement of previously suspended pension benefits for plan participants.
Increased pension benefit guarantees by the government agency (PBGC).
Facilitation for pension plans in distress, including delaying the classification of endangered status.
Extension of periods for financial improvement for plans in critical or endangered status.
Expired
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