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Third Circuit Upholds Withdrawal Liability Arbitral Award Under MPPAA s Evade Or Avoid Provision | Jackson Lewis P C
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Third Circuit Upholds Withdrawal Liability Arbitral Award
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Monday, March 15, 2021
The
American Rescue Plan Act of 2021 includes a modified version of the Butch Lewis Act, referred to as the Emergency Pension Plan Relief Act of 2021 (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.
EPPRA is the result of a protracted attempt (including multiple proposals from both sides of the aisle) to address the multiemployer pension plan funding crisis. The Democrats have long-pursued direct government financial assistance to plans, while Republicans have focused on a new premium structure and copayments from stakeholders such as active employees and most retirees. Now that EPPRA is the law of the land, employers want and need to know how EPPRA will affect employer obligations for both contributions and withdrawal liability.
Time Runs Out for Multiemployer Pension Reform in 2020
Senators Grassley and Alexander say it’s too late to include their plan in year-end legislation.
The clock has run out on multiemployer pension reform in 2020.
Republican Senators Chuck Grassley of Iowa and Lamar Alexander of Tennessee issued a joint statement this week saying there won’t be time to reach a deal to include the proposed reform in an end-of-year legislative package.
“For the past two weeks, we have engaged in intense negotiations with our Democratic colleagues in the Senate and House to seek a deal to resolve the impending multiemployer pension crisis,” the senators said. “We have reached the point where we are out of time to strike an agreement that can be scored by the Congressional Budget Office [CBO] and reviewed by our Senate and House colleagues.”