Retirement Security:

Effects of the 1980 Multiemployer Pension Plan Amendments Act on Plan Participants' Benefits

HRD-85-58: Published: Jun 14, 1985. Publicly Released: Jun 14, 1985.

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

Pursuant to the requirements of the Multiemployer Pension Plan Amendments Act, GAO studied the effects of plan terminations and benefits changes on plan participants.

GAO found that: (1) while plan terminations increased from 27 in the 6 years before the act to 66 in the 4 years after, such terminations affected less than 1 percent of total plan participants nationwide; (2) the act was cited as a reason for only 38 percent of the plan terminations that occurred after its passage, while economic or other reasons were cited as reasons for 62 percent of such terminations; (3) 76 percent of terminated plan participants received all of the earned benefits, and most of the remainder received their vested benefits; (4) alternative pension coverage was made available to 88 percent of terminated plan participants; and (5) program loans to two insolvent ongoing plans helped to pay benefits to the plans' retired employees and continue coverage for their working participants. In addition, GAO found that: (1) 83 percent of the ongoing plans studied made changes in benefits practices after the act was passed, but only 17 percent of the sample plans made changes related to the act; (2) 30 percent of the sample plans made changes deemed unfavorable to participants; and (3) the act was blamed for changes that affected 12 percent of participants in the sample plans.

Mar 5, 2014

Feb 26, 2014

Dec 27, 2013

Dec 17, 2013

Dec 16, 2013

Nov 5, 2013

Sep 23, 2013

Sep 11, 2013

Jul 16, 2013

Jun 5, 2013

Looking for more? Browse all our products here