The variable premiums paid to PBGC would be un-indexed from inflation.
The Akron, Ohio-based multiemployer plan had been providing benefits to nearly 400 participants at below half the level it was supposed to for over a year.
Like most organs of the federal government, the Labor Department maintains an explicit policy for government shutdowns as a consequence of their frequency.
With its latest relief payment, the Pension Benefit Guaranty Corporation has now distributed more than $7.5 billion to stressed union pension plans that cover over 152,000 workers, retirees and beneficiaries.
If a plan that received special financial assistance merges with an ongoing plan, the ongoing plan is not considered to be in critical status.
To date, the Pension Benefit Guaranty Corporation’s multiemployer pension support program has operated on an interim rule and has protected nearly 130,000 individuals’ pension benefits across some 560 businesses.
Legislation passed last year allows multiemployer plans in danger of becoming insolvent to apply for funds to cover participant benefit payments.
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.
A transportation workers’ multiemployer pension plan will receive funds created by the American Rescue Plan Act of 2021 to pay retirement benefits.
The agency says the net positive position for its multiemployer plan program is thanks to the American Rescue Plan Act (ARPA).
The web page addresses how applications submitted before a final rule is published will be affected by any changes PBGC makes.
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.
The agencies have filled in the gaps for implementing provisions of the American Rescue Plan Act.