Both single-employer plans and multiemployer plans will get help with funding.
The bill would also extend funding relief for single-employer defined benefit plans.
The agency's Fiscal Year (FY) 2020 Annual Report shows its multiemployer insurance program will become insolvent sometime in FY 2026.
The New England Teamsters and Trucking Industry Pension Fund, in its long-running legal attempt to collect withdrawal liability, has filed a petition with the U.S. Supreme Court.
The single-employer program, however, has continued to improve since its emergence from a deficit.
The agency has included revised instructions regarding disaster relief to reflect recent changes made to PBGC’s practice.
The Pension Benefit Guaranty Corporation says that mergers can protect the benefits earned by workers and retirees and extend the solvency of troubled plans.
To determine the impact of such a change, the firm performed a detailed analysis of two national multiemployer plans.
The Pension Benefit Guaranty Corporation (PBGC) is issuing guidance to assist multiemployer pension plans that request PBGC review of alternative plan rules for satisfying employer withdrawal liability.