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Multiemployer Review: Failing to meet benchmarks by the end of a funding improvement or rehabilitation period
By William Wade
03 June 2020
Many multiemployer pension plan trustees and advisers are familiar with the potential penalties in the form of excise taxes and surcharges associated with untimely adoption of a funding improvement plan (FIP) or rehabilitation plan (RP) for plans in endangered or critical status. Many may be less familiar with rules providing potential excise taxes and/or civil fines for failing to meet the FIP’s or RP’s goals by the end of the prescribed period. This could be a new and sudden reality for some plans due to the impact of the coronavirus on the stock market and employment levels. This article addresses the potential penalties if a plan reaches the end of its FIP or RP period and falls short of the goals.
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Multiemployer Review: Failing to meet benchmarks by the end of a funding improvement or rehabilitation period
What are the potential penalties if a multiemployer pension plan reaches the end of its funding improvement plan or rehabilitation plan period and falls short of the goals?
William Wade
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