It was reported that The Butch Lewis Emergency Pension Plan Relief Act of 2021, to be included in some covid-relief bill, would create a special financial assistance program under which cash payments would be made by the Pension Benefit Guaranty Corporation (PBGC) to financially troubled multiemployer pension plans so they could continue paying retirees’ benefits. The money would be provided to PBGC through a general Treasury transfer. Multiemployer pension plans eligible for the program would include plans in critical and declining status, and plans with significant underfunding that have more retirees than active workers in any plan year beginning in 2020 through 2022. Additionally, plans that have suspended benefits and certain plans that have already become insolvent would also be eligible.
So how many plans would that be? Based on the last full year of data (2018) from the DOL website here is how it breaks down.
Author(s): John Bury
Publication Date: 11 February 2021
Publication Site: Burypensions