By Elizabeth Bauer, Forbes
Multiemployer pension reform could be forthcoming in the next pandemic-related bailout bill from Congress. This article reviews the factors to watch out for and why bipartisan agreement on a reasonable compromise is possible.
The Emergency Pension Plan Relief Act included in the HEROES Act is an unacceptable no-strings-attached, reform-free bailout of the system.
This legislation would provide bailout funds without limit. It would double the PBGC maximum benefit level, without any corresponding increase in contributions/premiums. It would not only provide this without the benefit cuts provided for in the Multiemployer Pension Reform Act (MPRA) of 2014, but it would restore the cuts that had been made to plans facing insolvency, in that process.