Federal legislation to help deal with the unexpected COVID-19 pandemic has, in large part, wisely taken the form of direct relief to employers. Paycheck Protection Program loans, Main Street lending, direct Treasury grants, Federal Reserve liquidity, etc., have all served to keep employers in business for the duration of the shutdown. The idea is that they will be there — damaged, but repairable — on the other side of this.

One missing piece of employer relief has been helping businesses make mandatory pension requirements. While most employers have long since converted to defined contribution retirement plans such as 401(k)s, there is still a large defined benefit pension industry out there, even in the private sector. There are about 1,400 private sector multiemployer pension plans, with 10 million participants, still in existence. Industries in which these plans persist are varied, from building and construction trades, to retail and service industries, to manufacturing, mining, trucking, and transportation, as well as in the entertainment sectors.