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HRD-85-58 1 (1985-06-14)

handle is hein.gao/gaobabfds0001 and id is 1 raw text is: BY THE COMPTROLLER GENERAL ' Report To The Congress OF THE UNITED STATES Effects Of The 1980 Multiemployer Pension Plan Amendments Act On Plan Participants' Benefits The Multiemployer Pension Plan Amendments Act of 1980 changed federal requirements for funding and insuring the benefits of over 8 million participants in multiemployer defined benefit pension plans nationwide. A major change increased employers' liability for unfunded benefits when they withdrew from the plans. GAO found that plan terminations increased from 27 in the 6 years before the act's passage to 66 in the 4 years after. According to plan officials, the act's employer liability changes contributed to the increases, but economic and other factors played a more significant role. Plan terminations after the act affected less than 1 percent of the participants nationwide. Most of those affected are to receive all benefits earned, and alternative pension coverage was made available for most of the participants still working. Benefit practices of most of the 139 plans GAO sampled were changed after the act. According to plan officials, the act's employer liability provisions contributed to changes causing 12 percent of the 3.2 million sample plan participants to receive either no benefit increases after the act when they had been given benefit increases before or smaller increases than previously received. However, much higher percentages of the plans' participants were similarly affected or received greater benefit increases because of changes not related to the act. I lJlls~ll lftlllll 1! N 127354 U 1z r 0-. O' GAO/HR D-85-58 JUNE 14. 1985

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