SW Benefits Update: COVID-19 Relief Package Hands 30 Years of Relief to Underfunded Multiemployer Plans
March 18, 2021
By Marvin S. ("Bucky") Swift, Jr. and Amberlee Conley
Even before COVID-19 changed everything, unions and participating employers held out hope for federal assistance for severely underfunded multiemployer pension plans, which threatened the payment of retirement benefits across the country. Varying forms of relief have been raised in Congress to address the issue in recent years, including H.R. 397 (i.e., the Butch-Lewis Act), which passed the House in July 2019 and, if enacted, would have offered loans to certain severely underfunded multiemployer plans.
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