On February 9, 2018, President Trump signed the Bipartisan Budget Act of 2018 into law. While the primary purpose of the legislation was to fund the federal government through March 23, 2018, the Act also provided for the establishment of a joint committee tasked with improving the solvency of multiemployer pension plans and the Pension Benefit Guaranty Corporation (PBGC).
The joint committee will be composed of 16 members – 8 from each chamber of Congress – and will include an equal number of Democrats and Republicans. The legislation requires that the committee hold at least 5 public meetings or hearings, including 3 public hearings. Ultimately, the committee must vote on (I) a report detailing its findings and recommendations, and (II) proposed legislation to carry out its recommendations by November 30, 2018.
The legislation also outlines procedures for an expedited vote in the Senate to occur no later than the last day of the current congressional term (January 3, 2019).
Please stay tuned for more on this developing story and contact your Horizon Actuarial consultant for more information on how this may affect your pension fund.
The joint committee will be composed of 16 members – 8 from each chamber of Congress – and will include an equal number of Democrats and Republicans. The legislation requires that the committee hold at least 5 public meetings or hearings, including 3 public hearings. Ultimately, the committee must vote on (I) a report detailing its findings and recommendations, and (II) proposed legislation to carry out its recommendations by November 30, 2018.
The legislation also outlines procedures for an expedited vote in the Senate to occur no later than the last day of the current congressional term (January 3, 2019).
Please stay tuned for more on this developing story and contact your Horizon Actuarial consultant for more information on how this may affect your pension fund.
RSS Feed