Latest News
$86 billion to help troubled pension plans
Not only will the $1.9 trillion American Rescue Plan issuing stimulus checks to most Americans, give aid to states and local governments, and expands unemployment benefits; the bill includes $86 billion to help troubled retirement plans. Currently, there are about 1,400 plans in the U.S. covering 10 million people with almost 100 of them currently classified as in “critical and declining” status. The bill creates a financial assistance program to send cash payments totaling $86 billion to the Pension Benefit Guaranty Corporation, the government agency that serves as a financial backstop. Ben Werschkul’s article for Yahoo!Finance, he explains how this money is a culmination of the decades-long push to shore up some of the country’s financially troubled multi-employer pension plans. Read Mr. Werschkul’s article here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.