Legislation to help struggling multiemployer pension funds is to remain in the COVID-19 relief measure headed for a Senate vote this week.
The package also calls for some funding relief for single-employer plans, through extended amortization periods and pension interest rate smoothing changes.
The pandemic relief package was approved by the House along party lines Feb. 27. Its pension provisions were at risk of being stripped until the Senate parliamentarian ruled late Monday that they fit the rules for a budget reconciliation process that allows Democrats to prevail under a simple majority.
Author(s): Hazel Bradford
Publication Date: 2 March 2021
Publication Site: Pensions & Investments