WebJul 9, 2024 · The American Rescue Plan Act (ARPA), signed into law earlier this year, allows multiemployer plans that are in critical and declining status to get a lump sum of money to make benefit payments for the next 30 years, or through 2051. Plans can use the money to make benefit payments and pay plan expenses. WebFeb 11, 2024 · The Butch Lewis Emergency Pension Plan Relief Act of 2024, which is included in the bill, would create a special financial assistance program under which cash payments would be made by the Pension Benefit Guaranty Corporation (PBGC) to financially troubled multiemployer pension plans so they could continue paying retirees’ …

Multiemployer Pension Reform Ruled Eligible For The COVID Relief Act ...

WebMar 2, 2024 · On Monday, March 1st, Senate Finance Committee Chair Ron Wyden released a statement reporting that the Senate Parliamentarian had determined that the multiemployer pension plan reform provisions of the American Rescue Plan, entitled the “Butch Lewis Emergency Pension Plan Relief Act of 2024” (“Butch Lewis”), has the … WebMar 25, 2024 · The provision, known as the Butch Lewis Emergency Pension Relief Act of 2024, would give enough money to the Pension Benefit Guaranty Corporation, which backstops MEPs, to help fund the pensions of more than a million members of hundreds of troubled MEPs. Some MEPs, like the United Mine Workers pension and the Central … help dog throwing up

Initial Key Takeaways from the American Rescue Plan Act of 2024

WebMar 2, 2024 · For each calendar year after the first full calendar year following the date of the enactment of the Butch Lewis Emergency Pension Plan Relief Act of 2024, the accrual rates in subparagraph (A) shall increase by the national average wage index (as defined … WebMar 15, 2024 · The American Rescue Plan Act of 2024 includes a modified version of the Butch Lewis Act, referred to as the Emergency Pension Plan Relief Act of 2024 (EPPRA), which restores to financial health more than 100 failing multiemployer pension plans. However, the measure falls well short of any meaningful long-term funding reform. More WebJan 25, 2024 · S. 2254 (116. ): Butch Lewis Act of 2024. The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of … help dog with nausea