The funded status of some multiemployer pension plans has not seen any drastic improvements since the great recession. But now, as proposals lurk in Congress to eliminate pension liabilities and improve the overall insolvency of these plans, there may be changes on the horizon. José M. Jara, principal and national practice leader for multiemployer plans at Buck Consultants at Xerox, explains the benefits of new proposals and how modifications to old policies can bring plans back into solvency.
The Pension Protection Act of 2006 is set to expire at the end of the year. A new proposal from National Coordinating Committee for Multiemployer Plans takes a swing at preserving the current system, helping deeply troubled plans faster and developing innovative ways to create new plans. Do you see the NCCMP’s proposal gaining any traction in Congress this year?
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