The Partnership for Multiemployer Retirement Security, an organization of business and labor interests, released a series of projections on Tuesday on an unnamed MEP that it said could fall into insolvency unless Congress passes reforms by year-end.
"We can't wait a moment longer for Congress to reform the multiemployer pension system," the partnership in a statement.
The partnership was formed last year with the release of "Solutions Not Bailouts," a proposal for reform developed by the National Coordinating Committee for Multiemployer Plans that, if enacted, would give trustees of MEPs the power to reduce retirement benefit payments by up to 10 percent.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
