As the appellate decision explains, ownership percentages are less important than organizations’ operating structures when determining withdrawal liability from a multiemployer union pension.
Unlike the approach favored by Democrats in the House of Representatives, which would establish a government-backed loan programs to assist troubled union pension, this approach would permit the partition of such plans and would require accounting reforms.
The associated instructions have also been updated to reflect, among other changes, an increase to $2,194 per day in the maximum civil penalty amount assessable under ERISA Section 502(c)(2).
The agency has issued proposed rules on Benefits Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans, as well as the assumptions PBGC uses to determine de minimis lump sum benefits in PBGC-trusteed terminated single-employer defined benefit (DB) pension plans.
The single-employer program, however, has continued to improve since its emergence from a deficit.
The proposal includes corrections, clarifications, and improvements to its regulations on Reportable Events, Premium Rates and others.
Controlled group information, company financial statements, and the defined benefit (DB) plan’s actuarial valuation report; some of all of this information will be added to five reportable events.
The agency explains that, in limited situations, employers will be able to use the soon-to-be issued coverage forms to request an opinion letter about whether a plan being developed is likely to receive PBGC coverage.
Family trust trustee with Senate connections named 16th director of pensions lifeboat.
Serco Inc. will also provide PBGC field offices with database support and data analytics.
The mediation program now includes fiduciary disputes; opposing parties entering into the mediation program are connected with “neutral, professional and independent” mediators.
PLANSPONSOR Magazine has published a 2019 ERISA Plan Compliance Calendar that can help your clients track important due dates and requirements for their qualified plans.
New maximum civil penalties for failure to provide certain notices or other material information and for failure to provide certain multiemployer plan notices have been announced.
The agency has included revised instructions regarding disaster relief to reflect recent changes made to PBGC’s practice.
The table is needed to compute the value of early retirement benefits and, thus, the total value of benefits under a plan.
The PBGC insures DB plans covered under title IV of ERISA, and if a question arises about whether a plan is covered under title IV, the PBGC may make a coverage determination.
The Pension Analytics Group says the act would only temporarily mask the deficits, as opposed to reducing them and that the only solution is to reduce benefits across the board.
A vote on solutions was supposed to take place by today, but the co-chairmen of the Joint Select Committee on the Solvency of Multiemployer Pension Plans say they need more time to finish their work, given the scope of the challenge.
The “Changes to Note” section of the 2018 instructions highlights important modifications to the Form 5500 and Form 5500-SF and their schedules and instructions.