Chapter

Multiemployer Pension Plans Respond to the Financial Crisis

Judith F. Mazo and Eli Greenblum

in Reshaping Retirement Security

Published in print September 2012 | ISBN: 9780199660698
Published online January 2013 | e-ISBN: 9780191745058 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199660698.003.0010

Series: Pensions Research Council

Multiemployer Pension Plans Respond to the Financial Crisis

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Multiemployer pension plans cover union-represented participants who work for two or more employers. Plan assets and liabilities are pooled, so the risks and rewards are experienced by the group as a whole. Union and employer representatives collaborate in setting plan policy, defining benefits, and overseeing investments and operations; each side has an equal say. This chapter describes how, spurred by the Pension Protection Act’s new requirements and flexibility, multiemployer plans are adapting to the crisis with a mix of benefit reductions and employer contribution increases aimed at stabilizing their finances, rather than phasing out their defined benefit programs—at least for now.

Keywords: multiemployer plan; Pension Protection Act; plan sponsor; defined contribution; defined benefit

Chapter.  11681 words. 

Subjects: Pensions

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