Category: Multiemployer pensions

SAG-AFTRA Suspends Annual Dues Hike & Approves New “Influencers” Contract As Factions Continue To Fight Over Health Care & Governance

Mary Pat Campbell

Link: https://deadline.com/2021/02/sag-aftra-suspends-annual-dues-hike-approves-new-influencers-contract-as-factions-continue-to-fight-over-health-care-governance-1234689267/

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Excerpt:

In his letter of resignation, Trump wrote: “Who cares! I no longer wish to be associated with your union. As such, this letter is to inform you of my immediate resignation from SAG-AFTRA. You have done nothing for me.” That claim, however, is belied by the fact that he receives nearly $100,000 a year in SAG-AFTRA pensions. According to a financial disclosure report he filed in August, he receives a $90,776 pension for the acting work he performed on SAG-covered shows and an $8,724 pension for his AFTRA-covered work.

Author(s): David Robb

Publication Date: 7 February 2021

Publication Site: Deadline

NFL Players Pension Red Zone – $4 Billion

Mary Pat Campbell
NFL Players Pension Red Zone – $4 Billion

Excerpt:

It’s Super Bowl time which, for some of us, means  that the new 5500 for the Bert Bell/Pete Rozelle NFL Player Retirement Plan (EIN 13-6043636) is out and we get a better idea of how much Tom Brady really has in common with a Cleveland Iron Worker.

Interestingly enough, the NFL plan meets the objective (less than 40% funding and less than 40% active) criteria under both HR 397 and the Grassley-Alexander proposal from the prior legislative session and would qualify for a bailout were it to declare itself a red zone plan.

Author: John Bury

Publication Date: 25 January 2021

Publication Site: burypensions

Investors ready for change as Democrats take control

Mary Pat Campbell

Link: https://www.pionline.com/washington/investors-ready-change-democrats-take-control

Excerpt:

While the COVID-19 pandemic and its economic impact present the most pressing challenges, Democratic control of Congress and the White House could also spur action on issues ranging from climate change to scrutiny of private equity practices.

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Mr. Neal’s first bill introduced in the new 117th Congress addresses the multiemployer pension crisis that he said “has only worsened” in the COVID-19 economic downturn. A similar proposal was introduced by members of the House Education and Labor Committee, whose chairman, Robert C. “Bobby” Scott, D-Va., said the pandemic could cause as many as 180 more multiemployer plans to become insolvent, adding up to 300 plans facing failure. Both leaders are urging that the proposed Emergency Pension Plan Relief Act of 2021 be attached to a COVID-19 relief measure now before Congress.

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Potential legislation is expected to build on the panel’s climate action plan calling for clean energy tax credits and jobs initiatives, investments in water infrastructure and research into land and ocean climate solutions, among other ideas.

Author: Hazel Bradford

Publication Date: 25 January 2021

Publication Site: Pensions & Investments

Democrats Introduce Bill to Protect Pensions, Expand PGBC’s Power

Mary Pat Campbell

Link: https://www.ai-cio.com/news/democrats-introduce-bill-protect-pensions-expand-pgbcs-power/

Description: Bill introduced in House of Representatives – EPPRA (Emergency Pension Plan Relief Act of 2021) intended for multiemployer pension protection. Boosts PBGC MEP guarantee, stops benefit reductions, allows for partition of failing MEPs. Similar provisions had been in HEROES bill in 2020 (not passed).

Author: Michael Katz

Publication Date: 22 January 2021

Publication Site: ai-CIO