Controversial pension rescue plan finalized

[LIBrty4all 3,754]

Another Biden mandate that is really going to hurt us all.

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The American Rescue Plan passed early last year mandated the program, allowing certain underfunded multiemployer plans to apply for taxpayer-funded assistance that can help them stabilize their finances and restore benefits that were previously cut. Interim rules for the program issued last summer by the Pension Benefit Guaranty Corp. drew criticism from pension consultants, plan trustees and other experts who were concerned that the method for calculating the financial assistance wasn’t generous enough to ensure the plans’ long-term survival. 

About 1,400 multiemployer pension plans, created through agreements between unions and two or more employers, cover nearly 11 million participants, many of them workers and retirees in industries such as construction, trucking and manufacturing. Many of the plans have been hit hard by a decline in unionization, employer withdrawals from the plans and investment losses, and a 2014 law allowed some troubled plans to slash the benefits of current retirees–a move derided by critics as undermining fundamental protections enshrined in federal pension law. 

 

 

https://www.marketwatch.com/story/controversial-pension-rescue-plan-finalized-11657155778

 

 

LET'S GO BRANDON!!!