In our Winter 2019 edition of Washington Insights, we cited the dire situation faced by many US multiemployer pension plans. According to an actuarial study, as many as 1.3 million participants in US multiemployer pension plans are at risk of losing their benefits in the next 20 years. The reasons (and proposed solutions) for this problem differ dramatically, depending on your party affiliation. Even though there is some bipartisan interest in resolving this issue, the disparity among the offered proposals makes passage uncertain. Fall 2019 edition examines the controversy surrounding the Rehabilitation for Multiemployer Pensions Act.
In this edition of Washington Insights, we examine the provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Recently passed by the US House of Representatives, this is the most comprehensive retirement bill considered by Congress in more than a decade. We analyze the prospects for it to be adopted by the Senate, or alternatively reconciled with the Retirement Enhancement and Savings Act (RESA) — a similar bill in the Senate. We will then assess the likelihood of this legislation (as well as a second separate retirement bill) becoming law later this year.