Central States Pension Fund Illustrates Crisis Facing Multi-Employer Pension Plans

The pension crisis continues across the U.S., and public employees aren’t the only ones affected by it. Ninety-three percent of the biggest defined-benefit plans covering S&P 500 companies aren’t fully funded, which means those who were counting on pensions to support their retirement must immediately plan for the worst-case scenario. Congress has just waded into the fray on multi-employer pension plans by forming the Joint Select Committee on Solvency of Multiemployer Pension Plans, a committee to rescue these plans that are on the brink of insolvency, but some of them are already folding. Central States Pension Fund expected to be…