Pension Plan Funding Notices and Delinquent Plan Contributions
By J. Mark Poerio, Ethan Lipsig and Crescent Moran
The current economic downturn is likely to expand the ranks of underfunded multiemployer (union) pension plans, and cause more employers to fall behind in making required contributions to their pension and welfare plans. Employers -- and their creditors -- should be aware of governmental responses to these problems; they could impose significant financial responsibilities on plan sponsors, contributing employers, and plan fiduciaries.