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Compliance February 19, 2015
PBGC Issues FAQs About Multiemployer Pension Reform
The FAQs are addressed to multiemployer plan participants, and provide a summary of certain reform provisions.
Reported by PLANSPONSOR staff
The Pension Benefit Guaranty Corporation (PBGC) has issued frequently asked questions (FAQs) about the Multiemployer Pension Reform Act of 2014 (MPRA).
The FAQs are addressed to multiemployer plan participants, and explain how the new law enables pension benefits to be changed; how much pension benefit could be reduced; when participants have a say in whether benefits can be reduced; and when trustees of multiemployer plans can apply for a temporary or permanent reductions of benefits.
The PBGC and the Internal Revenue Service (IRS) have issued requests for information to help them with issuing guidance about the new law.
The PBGC FAQs are here.