ABA urged members of the Senate Finance Committee to protect critical pension policies that will allow bakers and others to protect retirement plans. Specifically, ABA asked that the Senate to maintain reforms that were a part of the Multiemployer Pension Reform Act of 2014. This legislation is vital as it:
- Makes permanent the multiemployer provisions under the Pension Protection Act of 2006;
- Gives the Pension Benefit Guarantee Corporation (PBGC) authority to promote and facilitate plan mergers;
- Allows plan sponsors to apply to the PBGC to partition a plan;
- Increases PBGC premiums for multiemployer plans; and
- Allows for benefit suspensions in certain plans in critical and declining status.
For more information on this issue, please contact Cory Martin, ABA Director of Government Relations.