1、 https:/crsreports.congress.gov Updated March 18, 2021Special Financial Assistance to Multiemployer PlansSection 9704 in Title IX, Subtitle H, of the American Rescue Plan Act of 2021 (P.L. 117-2) provides financial assistance to certain financially troubled multiemployer defined benefit (DB) pension
2、 plans. Multiemployer pension plans are sponsored by more than one employer and are maintained as part of a collective bargaining agreement. In DB plans, participants receive regular monthly benefit payments in retirement. Multiemployer DB plans annually certify the plans financial statusknown as th
3、e plans zone status. A plan can be in endangered, seriously endangered, critical, or critical and declining status (or no category if none of these apply). Plans in critical status are in poor financial condition, and plans in critical and declining status are expected to become insolvent within 20
4、years. About 10% to 15% of multiemployer DB plan participants are currently in critical and declining status plans. When a multiemployer DB plan becomes insolvent, the Pension Benefit Guaranty Corporation (PBGC) provides financial assistance to the plan (in the form of loans that are not expected to
