Multiemployer Pension Plans Respond to the Financial Crisis
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Wharton Pension Research Council Working Papers
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Economics
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Multiemployer pension plans cover union-represented participants who work for two or more employers. Plan assets and liabilities are pooled, so the risks and rewards are experienced by the group as a whole. Union and employer representatives collaborate in setting plan policy, defining benefits, and overseeing investments and operations; each side has an equal say. This chapter describes how, spurred by the Pension Protection Act’s new requirements and flexibility, multiemployer plans are adapting to the crisis with a mix of benefit reductions and employer contribution increases aimed at stabilizing their finances, rather than phasing out their defined benefit programs – at least for now
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2011-09-01
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The published version of this Working Paper may be found in the 2012 publication: Reshaping Retirement Security: Lessons from the Global Financial Crisis (https://pensionresearchcouncil.wharton.upenn.edu/publications/books/reshaping-retirement-security-lessons-from-the-global-financial-crisis/)