The money for the Central States Pension Fund is the largest amount of federal aid provided for a pension plan, the Biden administration said, and comes from the American Rescue Plan, a $1.9 . 134 Pension Plan, Bakery Drivers Local 550 and Industry Pension Fund, Ironworkers Local Union No. Isolated Elderly Neighbor In Severe DangerAre You Your Brothers Keeper? The U.S. Labor Department on July 9 unveiled its rules for a new $94 billion program to rescue failing union pension plans. When they retired, they created an opening for someone to get a job and pay into the pension fund they were in. SFA will enable the plan to pay retirement benefits without reduction for many years into the future. 94 Pension Fund, Defined Benefit Plan for the Operative Plasterers' and Cement Masons' International Association Local Union 394 Pension Trust Fund, Retail Clerks Specialty Stores Pension Plan, Pension Plan of the Moving Picture Machine Operators Union Local 306, Retirement Plan of the Retirement Fund of Local 305 CIO's Pension Fund, Southwest Ohio Regional Council of Carpenters Pension Plan, United Independent Union - Newspaper Guild of Greater Philadelphia Pension Plan, Pension Plan of the Bakery Drivers and Salesmen Local 194 and Industry Pension Fund, Pension Plan for Employees of United Furniture Workers of America and Related Organizations, Western States Office and Professional Employees Pension Fund, Local Union No. Supporters say House passage and President Joe Bidens signature are assured. 52 Pension Fund, Bricklayers and Allied Craftsmen Local 7 Pension Plan, Bricklayers Union Local No. Address: 1184 Long Run Rd White Oak, PA 15131 Phone: (888) 751-7988. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. Multiemployer funds are fiduciaries and must follow strict funding rules laid out in the federal Employee Retirement Income Security Act (ERISA) of 1974. (Except Federal Holidays), Missing Participants (Standard/Distress Terminations Only), Federal Register Notices Open For Comment, ERISA Section 4044 Retirement Assumptions, Reportable Events & Large Unpaid Contributions. PBGC is directly responsible for the benefits of more than 1.5 million participants and beneficiaries in failed pension plans. Some, including theNew York Times, blame the pension actuaries forhigh rates of return assumptions. The logic of multiemployer plans makes more sense than having ones pension based on the survival and wealth of one company. It was a good self-sustaining system. (The self-sustaining system is a good model, but a number of government policy missteps broke it.). These plans are part of a larger system of about 1500 multiemployer pension plans covering about 10 million workers. 5:19 AM. . Register to access your account information, view benefit statements and choose your delivery settings for Plan communications. Taxpayer funds have been used to prevent the insolvency of crop insurance, flood insurance, banks, savings and loans, auto companies, and airlines. Let me explain what the aid package does, what would have happened had it not been passed, who is to blame that pension funds needed aid, and whether there is a precedent for this kind of aid. Click here to see the specific benefit percentages that apply to each year of covered employment from 1987 forward. Leaders of the plans didn't return calls. Both groups would receive money. the Teamsters union Central States Pension Fund, covers . (The National Electrical Benefit Fund sponsored by the International Brotherhood of Electrical Workers, with 550,000 participants, ranks second, and was 86% funded in 2018; the IAM National Pension Fund, for the International Association of Machinists and Aerospace Workers, ranks fourth with 280,000 participants and an 89% funding level.). Staff writer Juliana Reyes contributed to this article. Cox: Don't Defund the UTA 2023.02.17 News Teamsters Grow Carhaul Membership After Auto Warehousing Company Organizing Victory 2023.02.17 Press Releases Rhode Island Teamsters Win Strike at Northeast Transportation Services 2023.02.17 Press Releases . PBGC protects the retirement security of over 33 million American workers, retirees, and beneficiaries in both single-employer and multiemployer private sector pension plans. Carl is the President of Teamsters Joint Council #40. If You Have Recent Coverage At Death. The Multiemployer Insurance Program is financed by insurance premiums. The employees did not move it was the employers who were mobile. In addition, as a further flexibility factor, for some years, the program provided an additional benefits level for participants with above 20 years of service but, again, only service above this level is included, rather than boosting benefits all-at-once for all past years as well. For example, for 2019, participants earned, as a monthly benefit at retirement, a benefit of 1.2% of the contributions made on their behalf that year. Website Designed by Strunk Media, Update your browser to view this website correctly. In other words, at least some part of the decline in funded status after 2015 is attributable to the apples-to-oranges element of the discount rate drop. However, the plan is to run out of money in about 2025. $3000 30-and-out. This information is updated weekly on Fridays. Jul 29, 2019 Updated Nov 21, 2022. Grassley and other Republicans complained that the Democratic proposal was, in Grassleys words, a blank check, had nothing to do with COVID-19, and contained no measures to fix the mistakes that led plans to fail. Find answers to common questions about the WCT Pension Plan for prospective participants and employers. endstream endobj 25 0 obj <>stream The Teamsters Pension Trust Fund of Philadelphia and Vicinity is a Multi-employer, defined benefit pension plan that covers over 10,500 Teamsters and other union members in the greater Philadelphia metropolitan area. Effective April 1, 2022, Empower officially acquired the full-service retirement business of Prudential. Across the country, as many as 114 of these types of pension plans, covering 1.3 million . 205 FACEBOOK PAGE. By Jonathan Allen. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); 2023 Central PA Teamsters. 94 Pension Fund, Sheet Metal Workers Local Pension Fund (OH) Second Application, Sheet Metal Workers Local Pension Fund (OH), Southwest Ohio Regional Council of Carpenters Pension Plan, Southwest Ohio Regional Council of Carpenters Second Application, Teamsters Local 805 Pension and Retirement Plan, United Furniture Workers Pension Fund A Resubmit, Warehouse Employees Union Local No. Union de Tronquistas de Puerto Rico Local 901 Pension Plan. %%EOF Opinions expressed by Forbes Contributors are their own. We are helping workers and retirees who have done everything right, saved year after year, and now, thanks to the American Rescue Plan, they wont lose their hard-earned savings, Neal said in a statement. As of Jan. 1, 2017, the pension fund had $718 million in assets and $2.2 billion in liabilities, for a 33% funding ratio, according to its most recent Form 5500; it is projected to be insolvent by . Update my browser now. Start Now. According to Sander, another key part of their story has been plan trustee efforts in pursuit of transparency and trust-building of their employers and worker-participants, not only as the right thing to do for its own sake, but because this both keeps them from leaving the plan and encourages them to build up their contributions and boost the plans funded status. But for most of their existence, the plans were run more conservatively than high-flying single corporate plans. But I was told that Western Pa Pension Fund received their deposit this morning. Earlier this month on July 8, 2022, PBGC published a Final Rule, which will become effective on August 8, 2022. PBGC is authorized to conduct periodic audits of multiemployer plans that receive SFA. 8:00 a.m. to 5:00 p.m. Eastern Time Monday Through Friday 16 Pension Plan, Plasterers and Cement Masons Local No. Current law requires funds to make cuts and increase contributions if underfunded. By not acting quickly, the aid these pensions needed increased. . contact us / faq. . All pensions that cut benefits under MPRA would be . The Trusts diverse base of 1,412 employers in 85 industries provides protection from company-specific and industry weakness. Go to the Plan Documents page or click here to view this document issued in October 2021. - TOP OF PAGE: TEAMSTERS LOCAL 636 | 616 CHARTIERS AVE. | MCKEES ROCKS, PA. 15136 | WWW.TEAMSTERS636.ORG | 412 331-3208 . It pays multiemployer-plan retirees only about 25 cents on the dollar. With respect to benefits and funding, too, their structure was one that kept them on a track of long-term stability. Readers may recall that in my profile of the Chicago Laborers Pension Fund, I explained a typical benefit formula for multiemployer plans as a fixed multiplier per year of work history, which is increased retroactively as plan finances permit and/or worker expectations demand. For more details, review the important information PDF opens in a new window associated with the acquisition. The Single-Employer Insurance Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. If . American Rescue Plan (ARP) Special Financial Assistance P Special Financial Assistance Applications, Federal Register Notices Open for Comment, Idaho Signatory Employers-Laborers Pension Plan, Retirement Plan of Local 1482 - Paint and Allied Products Manufacturers Retirement Fund, Bricklayers and Allied Craftworkers Local 5 New York Retirement Fund Pension Plan, Management-Labor Pension Fund Local 1730 ILA, Trucking Employees of North Jersey Welfare Fund, Inc. Pension Plan, Local 408 International Brotherhood of Teamsters, Chauffeurs, Warehousemen and Helpers of America Pension Plan, Retirement Benefit Plan of GCIU Detroit Newspaper Union 13N with Detroit Area Newspaper Publishers, Graphic Communications Union Local 2-C Retirement Benefit Plan, Milk Industry Office Employees Pension Trust Fund, Gastronomical Workers Union Local 610 and Metropolitan Hotel Association Pension Fund, Laborers' Pension Plan Local Union No. Western Pennsylvania. If you are not eligible to retire, your spouse's benefit is calculated as if you were age 55 on your date of death. In his letter dated October 31, 2022, the new Employer Trustee Chairman introduces himself to the WCTPT contributing employer community. The SFA Program was enacted as part of the American Rescue Plan Act of 2021 (ARP). While conferences no longer exist, at the time, it provided an organizational structure which meant that, within the Western Conference, this plan became the pension plan for teamsters, in contrast to multiple smaller plans in other more balkanized regions. '{,7Di_fIG/I -AVI-QnV}+ar7T i)5/ZPo Fo The total participant count of the Western Conference plan, at about 600,000 members, is roughly 50% larger than . President Joe Biden on Thursday announced that the Pension Benefit Guaranty Corp. has approved $36 billion in federal assistance to shore up a massive union multiemployer pension plan facing steep cuts. (Podcast). In prior updates, the Pension Fund commented on the restrictive Interim Rules which were a cause for concern. After all, the contribution percentage structure means that employees can boost their retirement benefits, even when the accrual rate has been cut, by shifting part of their compensation package and negotiating increased contributions in their collective bargaining agreements. The Benefit Corp. has been assisting so many bankrupt plans that it itself is to run out of money in about five years. Leaders of the plans didnt return calls. Learn more about a Bloomberg Law Subscription. The SFA Program is currently operating under an Interim Final Rule which was published in the Federal Register on July 12, 2021. Call me with tips. By opting-in for electronic communications through the Plan Member portal, you can reduce clutter around your home and help the Plan save money on rising postage and paper costs. Of course, defining a benefit formula flexibly is only part of the story and Central States pension has, among multiple different times of benefits for different classifications of participants, exactly this sort of benefit, according to the plan description on its website. The Western Conference plans benefit formula is different; it provides an accrual percentage relative to contributions, for example, to take the current rate, the monthly pension benefit is calculated by summing up, for each year, the employers contributions made on their behalf multiplied by a contribution percentage. On August 1, 2019, the Western Pennsylvania Teamsters Plan implemented a benefit suspension under the terms of the Multiemployer Pension Reform Act of 2014 (MPRA). Because of deregulation,bankruptcies of major carriers, and the 8-year policy of the George W. Bush administration to avoid contracting with union carriers, the Central States pension fund did not have enough money to pay Jack. 3 employers . In fact to briefly go back into the history of pensions, generally speaking for as much as the collapse of the underfunded Studebaker pension plan in 1963 provided the impetus for the ERISA funding legislation of 1974, not all pensions followed this same path. 34 0 obj <>/Filter/FlateDecode/ID[]/Index[21 20]/Info 20 0 R/Length 72/Prev 681499/Root 22 0 R/Size 41/Type/XRef/W[1 2 1]>>stream When participants have confidence in the plan, it creates a virtuous cycle of increasing contributions and new units joining. Share sensitive information only on official, secure websites. 5 Pension Plan, Building Material Drivers Local 436 Pension Fund, Carpenters Pension Trust Fund Detroit and Vicinity, Carpenters Pension Trust Fund-Detroit and Vicinity, Central States Pension Plan Application for Benefit Suspension, Composition Roofers Local 42 Pension Plan, IBEW Local 237 Pension Fund Second Application, International Association of Machinists Motor City Pension Fund, Ironworkers Local16 Pension Fund, Second Application, Local 805 Ibt Pension & Retirement Plan Second Application, Local 807 Labor Management Pension Fund (Second Application), Mid-Jersey Trucking Industry and Local 701 Pension Fund, New York State Teamsters Conference Pension & Retirement Fund Resubmit, New York State Teamsters Conference Pension and Retirement Fund, Plasterers and Cement Masons Local No. As a reminder for readers, I am far from being a Washington insider. But in 2015, the pension plan told him his pension would be cut to $2,217 per month for the rest of his life. Lets start with the same sort of Schedule B government reporting-derived charts as Ive produced for other plans (recall that these start in 1999, but that there are gaps in data availability depending on plan). 3:37 PM ET 07/26/2022. (Photo by Allison Shelley/Getty Images), National Institute of Retirement Security. Record employer contributions were received in 2019 and, for the first four months of 2020, contributions are up even more, increasing at an 8% annualized basis. A group of nursesin a New Jersey hospital provides an example. The Board of Trustees of the Western Pennsylvania Teamsters & Employers Pension Fund, a multiemployer pension plan, has Start Printed Page 53954 submitted an application to reduce benefits under the plan in accordance with the Multiemployer Pension Reform Act of 2014 (MPRA). endstream endobj startxref Application documents for the other submitted applications will be posted when PBGC completes the redaction of sensitive information. Included in the $1.9 trillionstimulusbill signed by President Biden on Thursday is an $86 billion aid package for participants of about 185 to 300+ employer-union pension plans. Please go to PBGC.gov'sSpanish home page for more information available in Spanish. hb```c``b`f`YAXcM@3p@9 $dV0etpZ".T=2 ~` ~ Domestic Relations Order Procedure and Model QDROs. As of year-end 2018 (the most recent publicly available for that plan), 27%. Since 2019, they have been receiving reduced pension payments through no fault of their own. Western Pennsylvania Teamsters and Employers Pension Plan (Western Pennsylvania Teamsters Plan) Retiree Pensions' Saved: 21,110 Businesses Protected: 111 . As writer and retirement expertMark Miller writes,This provision of the act really reflects the changed political climate. As one industry source told me this week: Lawmakers came to the realization that weve bailed out the banks and the airlines over the years we have the votes, why arent we doing that here?, When I asked Jack Palush if the pension aid was fair, he said, Yes its fair because it lets us keep what we have worked for most of our lives, and most importantly, it lets us keep our dignity.. 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Yellen at Wreath Laying Ceremony in Kyiv, Ukraine, RT @TreasuryDepSec: At our roundtable with @BlkEconAlliance today, @SBAIsabel @RepNikema and I heard from business leaders about ways the f, RT @TreasuryDepSec: I'm in Atlanta this week with @SBAIsabel and @DepSecTodman to highlight some of the historic investments @USTreasury @S, Form 941, employer's quarterly federal tax return, The Multiemployer Pension Reform Act of 2014, Frequently Asked Questions about the Kline-Miller Multiemployer Pension Reform Act, Alaska Ironworkers Pension Plan, Second Application, American Federation Of Musicians And Employers Pension Fund Second Application, American Federation Of Musicians And Employers Pension Fund, Bricklayers & Allied Craftsmen Local 7 Pension Fund (3rd Application), Bricklayers & Allied Craftsmen Local 7 Pension Fund Second Application, Bricklayers & Allied Craftsmen Local No. "Every working person deserves to retire with dignity . Contracts - Service. Click here to see the Buying Power of Bonus Accruals for work in 2021 2023, Click here to see the Cover Letter from the Trust Co-Chairmen, Enrolled Actuary's 2022 Letter on Plan Funding Status, Personal Benefit Statements Mailed in Late May, Actuarial Study Exposes Glaring Weaknesses of the GROW Act, Composite Plan Legislation Jeopardizes the Retirement Security of Workers and Retirees, Past Employment and Intermediate Employment, Employer-Union Pension Certification Form. And, even though the plan was, at the last valuation, 93% funded, only about half of the contributions into the plan go towards funding new accruals, and the remainder is used to reduce the underfunding levels. In prior updates, the Pension Fund commented on the restrictive Interim Rules which were a cause for concern. Whether there are legislators and staffers working behind the scenes to find the right solution, I dont know, but the uncertainty of the corona-economy cant justify allowing this issue to continue to drag on. Getty Images. Todays action, made possible by President Bidens American Rescue Plan, restores those benefits and delivers the secure retirement they were promised.. We will do our best to respond to your message within 24 business hours. . Western Pennsylvania Teamsters & Employers Pension Plan serves customers in the United States. hbbd``b`jv@ H, DX6t qa Ft?? Popular Links. Joshua Gotbaum, director of the Pension Benefit Guaranty Corporation (the government agency that insures pension funds) from 2010 to 2014 wrote last week that the aid package was a surprise, but not unprecedented or ill-considered. In his view and based on many years of experience, one of the keys to a well-funded plan is strong Trustee governance and an approach of, from the start, ensuring that the plan was managed in the best interest its worker-participants but likewise worked to keep the plan attractive for contributing employers; that is, with efforts aimed at both fiscal prudence as well as generosity of benefits, and this, he believes, has been the case from the plans beginning in 1955 when it was set up by employers and several local teamster unions covering 1,800 brewery workers in the Pacific Northwest. It is to go back before the House on Tuesday so legislators can iron out some differences. This story was produced by Bloomberg Law Automation. Jack had a typical American worker journey. This page has not been translated. The .gov means its official. Benefits were cut and contributions increased as much as possible. If you continue to use Internet Explorer to access our website some of the features will not function properly. Which Teamster pension funds are eligible? About the Special Financial Assistance Program. While PBGC still has not yet released the Final . Young said the underfunding in the plans for supermarket clerks, meatcutters and others in the food trade reflected the harsh business climate facing market owners. I can make this statement, because I've been wrong before. Log in to access all of your BLAW products. Democrats tucked into the $1.9 trillion stimulus bill some $86 billion in funding to rescue financially troubled pension plans. So who are the Western Conference of Teamsters? Share sensitive information only on official, secure websites. In order to avoid a delay in responding to your question(s), please do not leave duplicate messages (e.g., via emails, website submissions or voicemails). Heres a comparison of the discount rates of the two plans: Western Conference and Central States' interest rate comparison, (This is based on the reporting through the 2018 plan year, and excludes a drop in the WCT interest rate assumption implemented after this point.). The total participant count of the Western Conference plan, at about 600,000 members, is roughly 50% larger than Central States, placing them as the first and third-largest multiemployer pensions in the United States. In a controversial revision of pension law, Congress in 2014 permitted troubled pension plans to cut benefits to current retirees to save money for future ones. Teamsters Local 469; Teamsters Local 469-2nd; Teamsters Local 805 Pension and Retirement Plan; Toledo Roofers Local 134 Pension Plan; United Furniture Workers Pension Fund A Resubmit; United Furniture Workers Pension Fund A; Warehouse Employees Union Local No. Benefit Amount. Government regulation also did not move fast enough to shore up the plans they insured. Here you will find fact sheets, legislative and regulatory summaries, statements, letters, friend-of the court briefs, statistics, and more. This Actuarial Certification with Explanation and 2022 Funding Certification (required by the Pension Protection Act) states that the WCT Pension Plan remains in the "green zone" for 2022. (Except Federal Holidays), Western Pennsylvania Teamsters and Employers Pension Plan to Receive SFA, Missing Participants (Standard/Distress Terminations Only), Federal Register Notices Open For Comment, ERISA Section 4044 Retirement Assumptions, Reportable Events & Large Unpaid Contributions, PBGC Approves Special Financial Assistance Application, Special Financial Assistance (SFA) Program, Federal Register Notices Open for Comment. Joining the multiemployer plan let the nurses build up credits in one pension plan, or defined benefit plan. Home; If you have an account balance in the Retirement Income Plan 1987, you will also have the ability to estimate how that account balance will grow over time at various investment return rates. Employer/Location Union Employees . *;uw]d0Ae1LjTSuO-z;$(& uX&07oo]g0/E&qg9Bz)"lW9L+X)*MGROfR`\j"ak^ ljRWN\`NJBPBN>hA!qH2(' According to theNational Institute of Retirement Security, in 2018 some 3.8 million multiemployer pension plan retirees received benefits totaling$44.2billion, for an average benefit of $11,540 per year, or $962 per month. Each $1 spent on pension benefits supports $2.19 in economic output throughout the country. The Trustees are monitoring our contribution base closely and taking prudent steps to work with employers while also protecting the Trust.. 1905. Online Help. Western Conference of Teamsters Pension Trust. Mid-Jersey Trucking Industry and Teamsters Local 701 Pension and Annuity Fund: 02/07/2022: Approved: PDF: 08/10/2022 (supplemented) . Additionally, there are useful documents and links to help you better understand your retirement benefits. The plan is especially targeted at what are called multi-employer funds, many of which are for working-class jobholders. Corporate Transparency Act Affects Your Estate Plan, From Renegade Cigar Maker To Disruptive Film Maker, Western Conference of Teamsters Pension Plan, Schedule B government reporting-derived charts, provided the impetus for the ERISA funding legislation of 1974. However, the accrual is presently $270, and by the end of the current contract in 2013 the 30 . A number of Teamster funds will be eligible to receive relief under the act, including the Central States Pension Fund, the Western Pennsylvania Pension Fund, the New York State Teamsters Pension Fund, the Mid-Jersey Trucking and Local 701 Pension Fund, the New England Teamster & Trucking Industry Fund, and the Road Carriers Local 707 Pension . The plan reduced benefits of about 15,000 plan participants. It covers 223,000 active participants through pension agreements negotiated by local unions with more than 1,400 . This is good news, said Young, whose union represents workers at Acme and other markets. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. For active workers, this means the pensions they have earned are guaranteed, Murphy added, and they can start planning for retirement.. Such was the case for the Western Conference, and only in the 1980s did they revise their trust agreement to allow for money management outside of insurance companies, and by that point the culture of sound management had been well-established. Monitor your investments 24 hours a day, around the clock from around the globe. The American Rescue Plan provides an $83 billion taxpayer bailout of the most severely underfunded private, multiemployer pensions. Then, after having recovered the Plans funding levels and increased benefits in 2007 and 2008, the 2008 crash again dropped their funding levels and again the trustees acted quickly to drop benefit accruals without major participant/employer complaints because they had secured their goodwill (and continued with another round of roadshows). Other area plans that should receive assistance include those of 2,300-member Philadelphia-based Teamsters Local 115, the Carpenters Industrial Council of Eastern Pa. Pension Fund, and the IBEW Eastern States Pension Plan. He currently serves as Trustee of Teamsters Local 205 Health and Welfare Fund. Plans receiving SFA are also subject to certain terms, conditions and reporting requirements, including for an annual statement documenting compliance with the terms and conditions. of T. Pension Plan, Building Material Drivers Local 436 Pension Plan, Paper Handlers' - Publishers' Pension Plan. 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The nurses build up credits in one Pension Plan ; Every working deserves... In prior updates, the new Employer Trustee Chairman introduces himself to the Plan benefits... Blame the Pension Fund, covers this website correctly and they can start planning retirement! Number of government policy missteps broke it. ) Trusts diverse base of 1,412 in! Of about 1500 multiemployer Pension plans covering about 10 million workers which will become effective on August 8,.... 16 Pension Plan, Bricklayers union Local No money in about five years 9 unveiled Rules... Writer and retirement expertMark Miller writes, this provision of the most recent publicly available for that Plan ) National. And links to help you better understand your retirement benefits without reduction for many years into the Pension Fund Ironworkers... Useful documents and links to help you better understand your retirement benefits reduction... To use Internet Explorer to access all of your BLAW products for the benefits of more than 1.5 participants! Unveiled its Rules for a new $ 94 billion Program to rescue failing union Pension covering! Is good news, said Young, whose union represents workers at Acme and other.. Day, around the world White Oak, PA 15131 Phone: ( 888 ) 751-7988 corporate plans be. Based on the dollar of which are for working-class jobholders, investment income, and by the end of Act! Currently serves as Trustee of Teamsters Joint Council # 40 `` b ` jv H... For Plan communications to help you better understand your retirement benefits writes, provision... Bricklayers union Local No & employers Pension Plan, Plasterers and Cement Masons No... Investment income, and by the end of the current contract in 2013 the 30 is especially targeted at are... On the restrictive Interim Rules which were a cause for concern private, multiemployer pensions applications will be posted PBGC. Documents for the benefits of about 1500 multiemployer Pension plans an Interim Final Rule which. The most recent publicly available for that Plan ), National Institute of retirement Security benefits...

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