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HRD-85-1 1 (1985-02-27)

handle is hein.gao/gaobabexx0001 and id is 1 raw text is: BY THE COMPTROLLER GENERAL Report To The Congress OF THE UNITED STATES The 1980 Multiemployer Pension Plan Amendments Act: An Assessment Of Funding Requirement Changes The government insures multiemployer pension plan ben- efits through the Pension Benefit Guaranty Corporation. The Multiemployer Pension Plan Amendments Act of 1 980 changed funding provisions to improve plan financing because of concern that the plans could place large claims on the insurance program. GAO found that the provisions would generally have little effect on plan financial con- dition or employers contributing to the plans. GAO found that 14 of 149 plans it examined were fi- nancially distressed and could pose risk to the govern- ment's insurance program amounting to billions of dollars. The act's provisions for improving the financial condition of such distressed plans, however, may not be adequate. Based on GAO's application of the provisions, 9 of the 14 distressed plans would have been allowed to reduce rather than increase their financial contributions because actual employer contributions exceeded requirements. Be- cause of the potential risk distressed plans pose to the program, GAO asks the Congress to consider changing the provisions so that the plans will be required to at least maintain contributions more in line with what employers already contribute. 126300 GAO/HRD-85-1 -7 FEBRUARY 27, 1985 e/cou 1, x ,1ccoU S

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