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Profile Update

  • admin
  • 14 January 2015

January 14, 2015

Summary of January 13, 2015 MRCC Tele-Town Hall

The Multiemployer Pension Reform Act of 2014 is a new law that will help pension plans on the verge of insolvency.

Because of the strategic changes the MRCC has made to our pension plans, neither plan is in danger of insolvency. Therefore, neither pension plan falls under or is expected to fall under the provisions of this law. With the booming work in our industry, and our current membership growth, we are very optimistic about the future of our pensions.

Under the new law, trustees of certain critical and declining plans now have the freedom to choose to make smaller, early cuts to prevent insolvency and extend the life of their plans. However, neither of our pension plans is eligible to make cuts to our pension benefit under this law and likely never will be.