Benefits & Executive Compensation News

Trump Renews Call for Higher Fees to Address Pension Insolvency

Feb. 10, 2020, 8:49 PM

Raising the fees paid by underfunded union pensions would keep the federal agency that insures them in business for another 20 years, the White House projected in its fiscal year 2021 budget blueprint.

The White House is proposing to add new premium responsibilities to multiemployer pension plans that would provide a federal backstop for retirees if the plans run out of money. The request is a formality only. Congress would have to approve any changes in premium rates. The administration estimates that collecting higher fees would raise $26 billion through 2030 in its budget proposal released Monday.

The Pension Benefit...

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