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HRD-84-1 1 (1984-05-14)

handle is hein.gao/gaobabeny0001 and id is 1 raw text is: BY THE COMPTROLLER GENERAL Report To rhe Congres OF THE UNITED STATES Assessmentof Special Rules 'Exempting Employers Withdrawing From Multiemployer Pension Plans From Wlthdrawa-Liability The Multiemployer Pension Plan Amendments Act of 1980 generally made employers withdrawing from plans liable for their portion of the plans' unfunded vested benefits, which is the excess of Ienefits earned by all plan participants over the plans' assets. However, special rules apply to employers contributing to construction and entertainment industry plans which generally exempt them from the withdrawal liability. A limited exemption is also available to qualified trucking industry plans. The Congress established the construction industry special withdrawal liability rules in the belief that a withdrawal from a construction plan would not typically harm the plan's contribution base unless the with- drawn employer continues to do similar work in the same area. GAO believes that the special withdrawal liability rules were working in a manner envisioned by the Congress. The plans' generally adequate fund- ing levels provide reasonable protection to the plans and the Pension Benefit Guaranty Corporation, a government corporation, which insures the plans' benefits. GAO also believes the limitation on the exemption for the trucking industry is appropriate because trucking plans are not as sound finan- cially as construction plans. GAO sample data were not sufficient to reach a conclusion on special rules for entertainment plans. The act requires GAO to study the effects of its provisions on employers, participants, and others. This report assesses the effect of the special rules. 124126 GAO/D14,184 MAY 14. 1964 3)~4

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