BrownCafe
Summary
Retirement plans are in danger of temporary, permanent federal cuts
Central States Pension Fund, which represents 49 companies including Kroger and UPS, submitted its paperwork Sept. 25 and cuts will take effect July 1. Nearly $2.2 billion and the pensions of 24,625 Texans provided by Central States are at risk.
Friedman said the issue can be slowed by lawsuits and the treasury, but only Congress can fix it.
Objection could potentially stall the nearly $5 billion acquisition
The delivery giant filed the appeal after Brazil’s antitrust agency, also known as CADE, cleared the proposed transaction on Feb. 2.
“The review process in Brazil contains an option to submit an application to the senior level of CADE to consider a more in-depth review of an initial finding,“ a UPS spokesman said Thursday. ”This option has been exercised as part of ensuring a fair and thorough investigation.”
The package delivery giants usually report similar overriding business trends.
Three key points
Here are some key takeaways from UPS’ latest results:
On February 9, the US Department of the Treasury (Treasury) released additional proposed regulations implementing the benefit suspension provisions of the Multiemployer Pension Reform Act of 2014 (MPRA).
The proposed regulations address MPRA’s rule for multiemployer plans in “critical and declining” status that includes benefits attributable to a participant’s service with any employer that has (1) withdrawn from the plan in a complete withdrawal, (2) paid its full withdrawal liability, and (3) assumed liability, pursuant to a collective bargaining agreement, for providing benefits to participants and beneficiaries that is equal to any benefits for such participants and beneficiaries reduced as a result of the financial status of the plan.