The U.S. Department of Treasury today released proposed and temporary regulations in support of the implementation of the Kline-Miller Multiemployer Pension Reform Act of 2014.
The controversial law, passed as part of the government’s omnibus spending bill in the waning hours of the last Congress, established a new process for the most critically underfunded multiemployer pension plans to reduce benefits to existing retirees as a measure to maintain future solvency.
Under provisions of the Kline-Miller reform act, multiemployer plans are deemed to be in “critical and declining” status if they expect to be insolvent in 15 years, or insolvent in 20 years and have a ratio of inactive-to-active participants exceeding 2 to 1, or are less than 80 percent funded.
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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.
