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more pension funny business?

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  • more pension funny business?

    When an employer experiences a contribution holiday to a multiemployer pension plan are they allowed to keep their employees payroll deductions?
    Or, are they required to extend the holiday to the employees?

  • #2
    What is a contribution holiday?

    I don't have a clue what you're talking about.
    The above answer, whatever it is, assumes that no legally binding and enforceable contract or CBA says otherwise. If it does, then the terms of the contract or CBA apply.

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    • #3
      When a pension plan becomes overfunded, the contributing employers can no longer write the payments off of their taxes. During the bull market of the ninties pension funds became flush with money. As I've learned
      a large number of these plans (most) were not required to make payments to these plans. But in my case, the weekly payroll deduction earmarked for my pension never stopped.
      So where did my money go?
      I would like to know if anyone has ever heard of this?

      Sadly, most people don't have a clue when it comes to this subject, that is why corporate America has been so sucessful at ripping off their own workers.

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      • #4
        Have you asked the pension administrator?
        The above answer, whatever it is, assumes that no legally binding and enforceable contract or CBA says otherwise. If it does, then the terms of the contract or CBA apply.

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        • #5
          Thanks for the interest in this post.
          In a multiemployer fund there is no pension administator at your place of employment, the payroll department sends your contribution to the pension fund.
          My company has a benefit director who I spoke with. I might as well have called the man in the moon. I have never gotten a straight answer from anyone, that is why I tried this post. This situation envolves a large amount of money and a large number of people. Maybe thats why I can't get a satisfactory answer.

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          • #6
            No, you can't get a straight answer here because no one here is the administrator of the fund. Multiemployer or not, someone is manging this. You need to speak to that person. You should receive annual statements from the pension fund as well. Those should give you some idea of what is happening to the contributions.

            Incidentally, if this is a 401K or similar contribution plan, you should be able to adjust your contributions to reflect how the market and your investments are performing.
            I post with the full knowledge and support of my employer, though the opinions rendered are my own and not necessarily representative of their position. In other words, I'm a free agent.

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