Restructuring Occupational Pension Plans in Crisis: A US Labor–Management Case Study

Rotman International Journal of Pension Management, Volume 6, Issue 1, Spring 2013

8 Pages Posted: 18 Jun 2013  

David S. Blitzstein

United Food & Commercial Workers, Special Assistant for Multiemployer Funds

Date Written: May 28, 2013

Abstract

Defined benefit pension funds in the United States experienced material declines in funded ratios in the past decade. The events of 2008 coincided with the implementation of a new federal pension funding regime, the Pension Protection Act of 2006. This case study describes a unique pension agreement between a major American labor union and the sixth largest American employer, involving the merger of four underfunded multiemployer pension plans that restructured the legacy benefits through a financial transaction and redesigned future benefits and funding policy.

Keywords: Defined Benefit, Funding Policy, Multiemployer Plan, Pension Agreement, Pension Fund

Suggested Citation

Blitzstein, David S., Restructuring Occupational Pension Plans in Crisis: A US Labor–Management Case Study (May 28, 2013). Rotman International Journal of Pension Management, Volume 6, Issue 1, Spring 2013. Available at SSRN: https://ssrn.com/abstract=2271188 or http://dx.doi.org/10.2139/ssrn.2271188

David S. Blitzstein (Contact Author)

United Food & Commercial Workers, Special Assistant for Multiemployer Funds ( email )

United States

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