Legislative and Judicial Actions
Understanding PRT: Fiduciary and Admin Considerations
Lawmakers Debut Pension Tracker Showing Rescued Plans
Legislation passed last year allows multiemployer plans in danger of becoming insolvent to apply for funds to cover participant benefit payments.
Legislative and Judicial Actions
Another Stressed Union Pension to Get PBGC Support
The plan was projected to run out of money at some point this year, but the special financial assistance from PBGC should prevent this outcome.
PBGC Approves First Special Financial Assistance Funds
A transportation workers’ multiemployer pension plan will receive funds created by the American Rescue Plan Act of 2021 to pay retirement benefits.
Both PBGC Insurance Programs Report Positive Financial Positions
The agency says the net positive position for its multiemployer plan program is thanks to the American Rescue Plan Act (ARPA).
Legislative and Judicial Actions
PBGC Publishes Q&As About Multiemployer Plan Financial Assistance Applications
The web page addresses how applications submitted before a final rule is published will be affected by any changes PBGC makes.
DOL, IRS and PBGC Call for Comments on Form 5500 Revisions
In addition to asking for input on the SECURE Act’s requirements and the current Form 5500, the DOL has published a notice of proposed changes to its implementation of regulations under Title I of ERISA.
Legislative and Judicial Actions
PBGC, IRS Issue Guidance Related to Financial Assistance for Multiemployer Plans
The agencies have filled in the gaps for implementing provisions of the American Rescue Plan Act.
Four Considerations Regarding Union Pension Funding Relief
Democrats Have Won the Power to Fix Union Pensions
Union Pension Funding Advocate Urges Immediate Action
PBGC Director Says Legislation Needed to Help Multiemployer Plans
The agency's Fiscal Year (FY) 2020 Annual Report shows its multiemployer insurance program will become insolvent sometime in FY 2026.
2020 Brought Little Progress on Union Pension Funding Crisis
With so many other challenges and debates dominating the halls of the Capitol, it is hard to imagine the union pension funding crisis will be addressed during this Congress.
DOL Releases Updated Versions of Form 5500
The agency has also highlighted important modifications to the form.
PBGC Takes Over J.C. Penney Pension
A purchase agreement allowing the company to emerge from Chapter 11 bankruptcy does not include the pension plan debts or assets, despite its comparatively strong funding position.
Musician Union Pension Clashes with U.S. Treasury
Congress is divided on how to address the union pension funding crisis, which is exemplified by the plight faced by the American Federation of Musicians and Employers’ Pension Fund.