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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

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

Judith F. Mazo

Eli Greenblum

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199660698.003.0010

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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