The Treasury Dept. has rejected an ailing multiemployer pension plan’s application to trim members’ benefits, a move that drew criticism from construction contractors and praise from organized labor and its congressional allies. It also sparked calls from both sides to seek legislative remedies.
The May 6decisionby Kenneth R. Feinberg, the Treasury-appointed special master overseeing such multiemployer pension applications, deals with an application from the Central States, Southeast and Southwest Areas Pension Plan. The ruling is Treasury’s first under a 2014 pension law that allowed multiemployer plans to petition Treasury to reduce benefits.
Multiemployer plans are common in construction’s unionized sector. The中央国家基金，成立于1955年，专门为团队工会的卡车司机建立，现在包括建筑行业的一些成员。
该基金在2月18日给密歇根州民主党加里·彼得斯（Gary Peters）和黛比·斯塔诺（Debbie Stabenow）的一封信中表示，其年度福利支付超过了超过20亿美元。
该基金还表示，预计它将在大约10年内破产，并补充说，它需要110亿美元才能避免破产并履行长期义务。
Feinberg在致该基金的一封信中说，其申请未能满足2014年《多雇主养老金改革法》中规定的要求。例如，他说减少将无法确保该计划的偿付能力，并且拟议的减少福利不会公平地分配在成员之间。
Stephen Sandherr, Associated General Contractors of America CEO, said in a statement, “By denying a rescue plan that responsibly but regrettably employs benefit reductions, the administration creates false hope that a better deal for affected retirees is possible.” He added, “The sad truth is that this is the best deal available.”
Marco Giamberardino, National Electrical Contractors Association executive director for government affairs, said in an email, “The difficult decision the Central States trustees made would have ensured long-term solvency of the...pension fund, but Treasury’s decision creates even greater uncertainty over the viability of their plan going forward.”
Feinberg的决定在其他方面受到欢迎。Teamsters工会总统詹姆斯·霍法（James Hoffa）在statement，“这一决定意味着，今年7月或可预见的未来，退休人员的福利不会有任何削减。我们将找到解决此问题的解决方案，该问题将使会员和退休人员继续尊严退休。”
NECA wants Congress to permit the creation of “composite plans” which combine some features of 401K-type, defined-contribution plans with those of traditional defined-benefit plans.
其他五个多雇主计划applied降低财政部的财政部，包括来自两名铁工工会的计划。
As of 2010, the construction industry accounted for 55% of all multiemployer plans and 37.5% of the people those plans covered, the federal Pension Benefit Guaranty Corp. said in a 2013 report.
众议院和参议院已提出法案，该法案将废除2014年法律规定，允许计划寻求削减福利的批准。账单还将建立一个新基金，以支付陷入困境的计划成员的福利，他们的雇主破产或退出了计划，而无需支付其福利股份。
Another bill, introduced by Sen.Rob Portman（R-Ohio）将对2014年法律规定进行更改，以涉及对计划是否可以减少养老金的投票。
所有的账单,但是,尚未获得路径替换antial number of co-sponsors. Moreover, moving legislation of a variety of types this year will be difficult because the congressional calendar will be shortened by political parties’ July conventions and the November elections.
Feinberg还执行了其他备受瞩目的任务，包括监督2010年墨西哥溢油湾的主张，并担任联邦基金特别硕士，以补偿2001年9月11日的恐怖袭击的受害者。
