On Tuesday, December 16, 2014, President Obama signed into law the Multiemployer Pension Reform Act of 2014 (“MPRA”). Slipped into the federal “Cromnibus” spending bill, the MPRA attempts to solve the pension crisis—not by a bailout—but by providing alternative tools for funds to improve their financial status, including by reducing the vested benefits of retirees.
On January 14, 2015, Seyfarth ERISA litigation and benefits attorneys will provide an overview of the MPRA, and what it means for employers.
Topics to be addressed include:
Benefit reduction process for deeply troubled plans
New merger and partition rules
Disregard of surcharges and certain contribution increases in withdrawal liability payment schedules
New required plan disclosures
- Withdrawal liability calculations post MPRA