AFM-EPF Submits MPRA Application to U.S. Treasury Department. Participants Will Receive a Personalized Benefit Estimate Statement Via Postal Mail
January 7, 2020
On December 30, 2019, the AFM-EPF submitted an application to the U.S. Treasury Department to reduce benefits under the Multiemployer Pension Reform Act ("MPRA") in order to prevent the Plan from becoming insolvent. We know that our participants have anticipated this difficult moment for some time. Now that the application has been submitted, we can provide important information about how each participant would be affected by the proposed benefit reductions if the application is approved by Treasury.
Trustees Share Concerns with Congress About New Multiemployer Pension Reform Proposal
December 13, 2019
U.S. Senators Charles Grassley (R-IA) and Lamar Alexander (R-TN) released a "Multiemployer Pension Recapitalization and Reform Plan" on November 20. As we informed participants in a recent issue of Pension Fund Notes, this proposal would provide financial relief to troubled multiemployer pension plans and make significant structural changes to the multiemployer pension system.
Certain Benefits Are Protected Under the Multiemployer Pension Reform Act
December 6, 2019
When the Trustees apply to reduce benefits to try to save the AFM-EPF, some participants have certain protections under current law. If the benefit reduction is approved, benefit payments will not be reduced until January 1, 2021. Following the legal requirements, we will provide individual monthly benefit reduction estimates in the first week of January 2020. However, we know now that many participants will either have no benefit reduction at all, or the size of their reduction will be limited because the Multiemployer Pension Reform Act (MPRA) provides certain protections for age, disability and small benefits.
Senators Grassley and Alexander Release Multiemployer Pension Reform Proposal
November 21, 2019
U.S. Senators Charles Grassley (R-IA) and Lamar Alexander (R-TN) yesterday released a proposal that would provide financial relief to troubled multiemployer pension plans and make some structural changes to the multiemployer pension system. Sens. Grassley and Alexander are chairmen of the Senate Finance and Senate Health, Education, Labor and Pensions Committees, respectively. We are encouraged to see activity in the Senate to try to address the nationwide multiemployer pension crisis.
What You Need to Know About the Pension Benefit Guaranty Corporation (PBGC)
October 16, 2019
As announced earlier this year, the AFM-EPF Trustees and the Plan's advisors are preparing an application to the U.S. Treasury Department to reduce benefits under the Multiemployer Pension Reform Act (MPRA). These benefit reductions are necessary to prevent the AFM-EPF from running out of money to pay benefits in the future. By putting the Plan on stronger financial footing, we are taking the steps necessary for the Plan to be around to pay benefits to current and future retirees for decades to come.