Safeguarding Retirement: News About Pension Reform
Segal has been active in addressing retirement benefits issues and challenges related to collectively bargained workers for over 75 years. We were instrumental in designing some of the first retirement plans for collectively bargained workers, including the earliest multiemployer pension plans. As the premier multiemployer consulting firm, Segal has more staff dedicated solely to multiemployer clients and their unique needs than any of our competitors.
Our multiemployer research and compliance specialists are frequently asked to explain and comment on the needs and issues facing labor-management benefit funds. Some of the ways that Segal has helped protect and promote our clients include:
- Serving as an advisor to the National Coordinating Committee for Multiemployer Plans (NCCMP) since its founding in 1974
- Working closely with other industry groups including the American Academy of Actuaries, American Bar Association, International Foundation of Employee Benefit Plans and the Lawyers Coordinating Committee of the American Federation of Labor and Congress of Industrial Organizations
- Providing feedback to congressional staff with respect to multiemployer plans, most recently relative to the sunset of selected provisions of the Pension Protection Act of 2006 (PPA’06) as well as the drafting of the Multiemployer Pension Reform Act of 2014 (MPRA)
- Explaining the history and current environment of multiemployer issues to journalists representing a wide range of newspapers, industry websites and media (in addition to Segal’s extensive proprietary publications focusing on multiemployer issues)
Segal’s pension expertise continues to be sought during discussions about how to solve problems facing some multiemployer plans and how to strengthen all plans for the long term:
- Segal’s multiemployer pension experts were interviewed by and provided plan survey data for the Government Accountability Office (GAO) report “Private Pensions: Timely Action Needed to Address Impending Multiemployer Plan Insolvencies,” a report the GAO prepared for Congress on multiemployer pension plans.
- Segal’s multiemployer pension experts provided regulatory and technical background and information on retirement policy to the NCCMP’s Retirement Security Review Commission, and offered insights regarding proposed recommendations to improve the retirement security of multiemployer pension plan participants. To learn more about the “Solutions, Not Bailouts” report the Commission published, please visit www.solutionsnotbailouts.com. Segal can assist plan sponsors who are interested in knowing more about the NCCMP’s proposals and we can assist in helping plan sponsors develop ideas for strengthening multiemployer plans.
See Segal’s observations on the multiemployer pension plan crisis.
Segal will continue to keep our clients informed about multiemployer pension policy and emerging legislation.