Multiemployer Pension Funds: Are they Doomed?
JoTo PR client, Cowden Associates, was featured in a bylined article in Newsmax titled, Low-Interest Program to Keep Multiemployer Pension Plans Alive
Multiemployer pension funds, which are pension plans sponsored by multiple employers in the same or related industries, are projected to fail in the next two decades. There are approximately 100 multiemployer pension fund nationwide that cover about 1.3 million people, according to the Congressional Research Service. Major yikes.
Adding fuel to the fire, the Pension Benefit Guaranty Corporation (PBGC), the federal backstop for troubled pension plans, is already underfunded by $60 billion for multiemployer plans. PBGC, funded by premiums collected from defined-benefit plan sponsors, is forecast to run out of money for multiemployer plans by 2025, according to a 2017 projection by the agency.
The Rehabilitation for Multiemployer Pensions Act of 2019 was passed on July 24th, and this bill may be the possible solution for keeping these pension plans alive.
Cowden Associates, Inc., headquartered in Pittsburgh, Penn., was created in 2001 by the merger of Halliwell and Associates and MMC&P Spectrum Benefits, which was founded by Jere Cowden in 1986. Currently led by President & CEO Elliot Dinkin, Cowden Associates specializes in helping corporate clients find the best solutions, both for the enterprise and for its employees, with regard to compensation, healthcare benefits, retirement and pension issues, and Taft-Hartley fund consulting. Winning Workplaces and The Wall Street Journal have recognized Cowden Associates as a “Top Small Workplace,” a lifetime designation awarded to executives for their ability to build and lead savvy organizations. For more information, visit www.cowdenassociates.com
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