$1.9 Trillion COVID-Relief Bill Includes Multiemployer Pension Support
Post date
March 12, 2021
Body
Congress-passed $1.9 trillion COVID-relief bill contains multiemployer pension plan provisions of interest to contributing construction contractors including specific COVID related provisions and funding relief for eligible plans. The bill provides significant multiemployer pension relief through a Special Financial Assistance Program by providing a one-time lump sum payment to eligible plans to pay all benefits through 2051 (30 years) with no expectation of repayment. It is estimated there are about 100 critical and declining plans, some critical plans and a few endangered plans in the construction industry that could be eligible for some relief.