Applying for a suspension under the Multiemployer Pension Reform Act (MPRA) is a lengthy and complicated process. This article describes the steps one pension fund went through to apply for benefit suspensions.
Michael Reilly, ASA, published this article in the May 2019 issue of Benefits Magazine.
Boris Vaynblat presented at the Annual Conference of Consulting Actuaries Meeting in October 2018 in Colorado Springs. He led a session on the Multiemployer Pension Act of 2014 (MPRA). Boris related his experiences obtaining approval from the US Treasury Department for benefit suspensions for a Pension Fund heading for insolvency, thereby giving the Fund a chance to survive for future generations.
Both Jim McKeogh, president of The McKeogh Company, and Michael Reilly presented at the International Foundation of Employee Benefit Plans (IFEBP) in New Orleans in October. Michael co-lead a discussion entitled “How to Make Your Client’s MPRA Applications Successful”. His presentation focused on the application process including assumptions and common pitfalls. Jim sat on a panel of industry experts in the “Ask the Professionals” session as the multiemployer plan expert.
Mandy Notaristefano traveled to Aruba to speak at the Contractors Association of Eastern PA’s 2019 Winter Conference in February 2019. Mandy’s talk focused on Rehabilitation Plans. She ran a simulation of a plan that had newly entered critical status and walked the attendees through the development and monitoring of a rehabilitation plan.