Multiemployer Pension Reform Act of 2014
On December 16, 2014, President Obama signed into law the Multiemployer Pension Reform Act of 2014 (“MPRA”). In brief, this new law permits a pension fund to reduce benefit payments to retirees and future retirees to preserve its long-term financial health. However, a pension fund may not reduce benefit payments to the most vulnerable retirees – those over age 80 and those with a disability pension. Additionally, every participant whose benefits are reduced must remain entitled to payments that are at least 10 percent greater than the payments guaranteed by the Pension Benefit Guaranty Corporation.
Click here for the complete text of MPRA.