PBGC Special Financial Assistance Program Will Be Implemented Over Several Years
August 5, 2021
In a victory for millions of participants, Congress passed the American Rescue Plan Act of 2021 (ARPA), which will provide financial assistance to troubled multiemployer pension plans like the AFM-EPF.
AFM-EPF Withdraws MPRA Application
March 17, 2021
Today, the AFM-EPF Trustees met to review an actuarial analysis of the pension relief provisions in the American Rescue Plan Act (ARPA), and they decided to withdraw the Plan's application to reduce benefits under the Multiemployer Pension Reform Act (MPRA). The U.S. Department of the Treasury has been notified of the decision.
Congress Passes Multiemployer Pension Relief Legislation
March 10, 2021
Today, the House of Representatives passed the American Rescue Plan Act of 2021, which includes the Butch Lewis Emergency Pension Plan Relief Act of 2021. This is fantastic news for AFM-EPF participants. This legislation is intended to pay for all Plan benefits over the next 30 years, without the need for benefit reductions. President Biden is expected to sign it into law this week.
U.S. Senate Passes Multiemployer Pension Relief as Part of COVID-19 Relief Legislation
March 6, 2021
Today, the U.S. Senate passed the Butch Lewis Emergency Pension Plan Relief Act of 2021 as part of the COVID-19 relief package-the American Rescue Plan Act of 2021. Because the Senate made some changes to the House of Representatives' version of the COVID-19 relief package, it must now return to the House for a final vote before being delivered to President Biden for his signature. That House vote is expected to take place on Tuesday, March 9.
Pension Relief Bill Clears Two Key Hurdles
March 2, 2021
Since last Friday, the Butch Lewis Emergency Pension Plan Relief Act of 2021 has passed two important milestones. First, the U.S. House of Representatives voted to pass the bill as part of the COVID-19 relief package, the American Rescue Plan Act of 2021. Then, last night, the U.S. Senate parliamentarian ruled that the pension bill can be passed through the budget "reconciliation" process.