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Multiemployer Plan Help The new stimulus bill 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. Michael Clark, managing director and consulting actuary with River and Mercantile, says plans must file an application for special financial assistance. The Pension Benefit Guaranty Corporation (PBGC) has 120 days from the law’s passage to issue regulations or guidance about the process and specify effective dates. The legislation says plans can use the money to make benefit payments and pay plan expenses, Clark notes. Multiemployer plans must track the money they have received and earnings on that money separately from other funds. The PBGC will issue rules about permissible investments for the special assistance funds.

United statesMichael clarkKaren friedmanBrian donohuePension rights centerPension benefit guaranty corporationAmerican rescue plan actPresident joe bidenButch lewis actMultiemployer pension reform actOctober three consultingPension protection actMoving aheadCentury actஒன்றுபட்டது மாநிலங்களில்மைக்கேல் கிளார்க்