Negotiation of Changes to Wage & Benefit Packages Saves Clients Hundreds of Thousands of Dollars
Several of our clients in the food, automotive, and chemical industries contribute to multiemployer defined benefit plans. In 2011, 2012, and 2014, the plan trustees imposed on these clients millions of dollars in additional contributions and withdrawal liability to remedy the underfunded status of the plans. In many cases, we were able to negotiate changes in the wage and benefit packages in the applicable collective bargain agreements to offset the cost of these additional contributions. In other cases, we negotiated substantial reductions in withdrawal liability.