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Pension Insurer Rule Details Multiemployer Plan Financing (1)

July 9, 2021, 5:53 PMUpdated: July 9, 2021, 9:11 PM

Special financial assistance Congress approved for severely underfunded pension plans will take into account their existing assets and earnings, jeopardizing the future of multiemployer pensions after the stimulus dollars expire in 2051.

The federal government’s private-sector pension insurer issued an interim final rule Friday that could at least temporarily rescue more than 200 union-brokered pension plans, affecting 3 million participants at a cost of $94 billion—$8 billion more than Congress anticipated when it approved President Joe Biden’s American Rescue Plan package earlier this year.

Millions of union workers’ retirement benefits have been threatened, reduced, or even cut over the last ...

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