We Welcome New Approaches, but What about US?

This past week the President announced his MyRA retirement accounts. Senator Harkin introduced a bill to create multiemployer plans for those without retirement plans. Retirement professionals generally welcome most new approaches to enhance retirement security. But let us not forget about today’s multiemployer plans. They face an uncertain future with the December 31, 2014 “sunset” ...

Labor Solidarity on Retirement Security

AFL-CIO President Trumka chaired a labor retirement summit on December 18, 2012. Most AFL-CIO affiliates were represented. The Building Trades and most other unions that sponsor multiemployer pension plans have come together in the Retirement Security Commission to propose major changes to ERISA and an extension of the Pension Protection Act for multiemployer plans. Check ...

We don’t Trust Us

The often quoted Pogo line “We have met the enemy and he is us” comes to mind in the Retirement Security Commission deliberations.   For the original Pogo strip go  http://en.wikipedia.org/wiki/Pogo_(comic_strip).   Current law is replete with restrictions on what trustees, even joint labor-management boards of trustees, can do to adjust benefits.   The Commission is struggling with whether ...

Does Labor need tech? 2

I’ve worked for funds co-sponsored by labor and management for 28 years.  During this period, the value of data processing and IT to productivity is without question.  Yet, our friends in labor are often slow to adopt.    If an organization has a website, check for hyperlinks, often rare.  Databases are even rarer.  Want to know ...

Who you calling a Fiduciary? 2

The DOL’s recent foray into redefining or reinvigorating the definition of fiduciary brought my attention back to another issue impacting multiemployer plans. Many attorneys have advised their fund clients to seek to impose personal liablity on company principals for delinquent contributions.  The theory is that contributions become plan assets when due.  The principal controls what ...
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