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Employers that contribute to underfunded multiemployer pension plans should think strategically about the potential impact of withdrawing from the plans and the liability they will face for exiting, employee benefits attorneys told SHRM Online.The U.S. Department of Treasury on May 6 denied a "rescue plan" proposed by the Central States Southeast and Southwest Areas Pension Fund—one of the largest multiemployer pension funds in the country. The fund has over 400,000 participants.The controversial rescue plan would have reduced about 270,000 participants' benefits beginning in July 2016, which the plan's trustees said was necessary to avoid insolvency. The trustees projected that the plan would otherwise run out of money within a decade and participants would potentially receive nothing at all.The Treasury, however, rejected the rescue plan, stating that the proposal failed to meet the following criteria:
Troubled Plans Denied Relief
Withdrawal Liability Rises
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[/_catalogs/masterpage/SHRMCore/Main.master][Title][SHRM Online - Society for Human Resource Management]