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Keep Tabs on the Funding Status of Your Multiemployer Pension Plan

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Contractors who participate in various unions are generally aware of the funding deficiencies rampant in the country right now.  While many of the construction industry pension funds are in relatively good shape here in the Northwest, there are some that continue to struggle.  If your company’s employees participate in a pension fund that languishes in “critical status” you should be actively evaluating your options as the employer.  Does that status represent a potential liability for your company, and what are your options?  Some employers may even consider withdrawal from the union. As you’ll see in the linked article from the CFMA, withdrawal from a union which is underfunded is no easy task, and carries with it risks that extend to your income statement and balance sheet.

 

http://www.cfma.org/content.cfm?ItemNumber=3214


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