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Reshaping Retirement SecurityLessons from the Global Financial Crisis$
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Raimond Maurer, Olivia S. Mitchell, and Mark J. Warshawsky

Print publication date: 2012

Print ISBN-13: 9780199660698

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199660698.001.0001

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Multiemployer Pension Plans Respond to the Financial Crisis

Multiemployer Pension Plans Respond to the Financial Crisis

(p.188) Chapter 10 Multiemployer Pension Plans Respond to the Financial Crisis
Reshaping Retirement Security

Judith F. Mazo

Eli Greenblum

Oxford University Press

Multiemployer pension plans cover union-represented participants who work for two or more employers. Plan assets and liabilities are pooled, so the risks and rewards are experienced by the group as a whole. Union and employer representatives collaborate in setting plan policy, defining benefits, and overseeing investments and operations; each side has an equal say. This chapter describes how, spurred by the Pension Protection Act’s new requirements and flexibility, multiemployer plans are adapting to the crisis with a mix of benefit reductions and employer contribution increases aimed at stabilizing their finances, rather than phasing out their defined benefit programs—at least for now.

Keywords:   multiemployer plan, Pension Protection Act, plan sponsor, defined contribution, defined benefit

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