American businesses of every size maintain a long-held commitment to providing voluntary benefits that support the welfare of their workers. As Americans live longer, healthier, and more active lives, retirement security becomes a greater concern—particularly with the uncertainty surrounding government programs like Social Security.
The private employer-provided retirement system has contributed significantly to the retirement needs of millions of seniors. The Chamber and its members are committed to continuing the success of the system and ensuring the long-term retirement security of Americans.
The multiemployer pension plan crisis threatens to bankrupt businesses, eliminate jobs, and leave millions of retirees without a pension.
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The Chamber will work with Congress and the administration to expand retirement coverage and security for Americans and ease administrative burdens for employers and plan sponsors.
Although short in length, Section 3608 of the CARES Act is a powerful tool for employers that sponsor defined benefit pension plans. Congress recognized that in these uncertain times, employers were facing a dilemma: make pension contributions (for obligations that won’t be due in years) or make payroll and other short term costs.
On October 14th, the Congressional Research Service released a report regarding policy options for multiemployer defined benefit plans. Please use the link above to read the full report.
Office of Regulatiosn and Interpretations,Employee Benefit Security AdministrationRoom N-5655U.S. Department of Labor200 Constitution Avenue NWWashington, DC 20201Re: Registration Requirements for Pooled Plan Providers, RIN 1210-AB94
“The most threatening issue to our company’s survival beyond 2020 may not be the pandemic, oil shocks, or civil unrest, but the failure to support and reform the multiemployer pension system.”
September 2, 2020 The Honorable Nancy Pelosi, SpeakerU.S. House of RepresentativesWashington, D.C. 20515 The Honorable Mitch McConnell, Majority LeaderU.S. SenateWashington, D.C. 20510 The Honorable Kevin McCarthy, Minority LeaderU.S. House of RepresentativesWashington, D.C. 20515
Mr. Stephen TackneyDeputy Associate Chief CounselTax Exempt and Government Entities [TE/GE]Office of the Associate Chief Counsel (Employee Benefits, Exempt Organizations, and EmploymentTaxes)Internal Revenue Service1111 Constitution Ave NWWashington, DC 20224 RE: Contribution Due Date Under CARES ACT Section 360 8 Dear Mr. Tackney:
Office of Regulations and Interpretations, Employee Benefit Security AdministrationRoom N -5655U.S. Department of Labor200 Constitution Avenue NWWashington, DC 20201 Re: Prohibited Transactions Involving Pooled Employer Plans Under the SECURE Act andOther Multiple Employer Plans –RIN: 1210 –ZA28 To Whom It May Concern:
May 13, 2020 TO THE MEMBERS OF THE UNITED STATES CONGRESS:
From shipping to staffing, the Chamber and its partners have the tools to save your business money and the solutions to help you run it more efficiently. Join the U.S. Chamber of Commerce today to start saving.
Coalition Letter to Treasury & IRS on Remote Notarization
Edward KillenActing CommissionerTax Exempt and Governmental Entities Division999 N. Capitol Street, NWWashington, DC 20224 Carol WeiserBenefits Tax CounselU.S. Department of the Treasury1500 Pennsylvania Avenue, NWWashington, DC 20220