Joint Committee Hears Testimony on Solvency of Multiemployer Pension Plans
Senator Sherrod Brown calls it imperative "to find a bipartisan solution to the crisis threatening 1.3 million Americans."
Tag: PBGC
PBGC Multiemployer Insurance Program May Fold Within the Decade
Over the next decade, the financial condition of PBGC’s Multiemployer Insurance Program is expected to steadily worsen, leaving very little chance that the program will remain solvent beyond...
Senators Question Trump’s Nomination for PBGC Director in Midst of Multiemployer Plan Crisis
Reeder, who is in the middle of his five-year term, has been advocating for changes to help the PBGC’s programs, but the president has nominated Gordon Hartogensis—who, the...
Multiemployer Pension Funding a Big Challenge for PBGC, Wider Economy
Multiemployer pension plan insolvencies will obviously be harmful to the participants and beneficiaries of the plans in question, but the loss of the significant economic momentum provided by retirees spending...
DB Plan Sponsor Clients Can Now Request Consultation Prior to Filing Distress Termination
The agency says this consultation will assist it and the plan sponsor in exploring whether a waiver of one or more filing obligations is appropriate, identifying potential issues...
Joint Congressional Committee Seeks Adviser Input on PBGC Solvency
Under the Bipartisan Budget Act of 2018, the bicameral committee is charged with improving the solvency of multiemployer pension plans and the Pension Benefit Guarantee Corporation.
Guidance Issued Designed to Keep Members in Multiemployer Plans Longer
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.
PBGC Proposes Certain Amendments to Rules for Terminated DB Plans
The amendments to regulations on guaranteed benefits and asset allocation would incorporate statutory changes to the rules for participants with certain ownership interests in a plan sponsor.
Accelerating DB Funding an Important Strategy to Discuss
Tax reform has only increased the incentive to accelerate contributions to defined benefit plans, and there will still be incentives in the future, but plan sponsors won't benefit...
Compliance News
Legislative and Judicial Actions
Rutledge Takes EBSA HelmThe Department of Labor (DOL) has appointed Preston Rutledge head of its Employee Benefits Security Administration (EBSA)....
PBGC Increases Penalties for Failing to Provide Reports, Disclosures
However, the agency says it is uncommon for it to assess information penalties.
Splitting Up DB Plans Can Reduce PBGC Premiums
DB plan sponsor clients may want to consider a strategy to reduce PBGC variable-rate premiums.
PBGC Offers Missing Participants Program to DC Plans
A final rule opens the current program to terminated DC plans and small professional service defined benefit plans.
PBGC Provides New Table for Determining Expected Retirement Ages
The new table is for single-employer pension plans undergoing distress or involuntary termination with valuation dates falling in 2018.
Court Finds Sponsor Cannot Fully Delegate ERISA Fiduciary Responsibilities
A federal district court denied a DB plan sponsor's attempt to pass liability for improper plan termination to its plan provider.
PBGC Wants to Keep Requiring Disclosures for Distressed DB Plan Terminations
The agency has requested that the OMB continue to allow it to do so.
Regulators Release Informational Copies of 2017 Form 5500
The new forms include important modifications.