What Is the DOL’s Plan If the Government Shuts Down?
Like most organs of the federal government, the Labor Department maintains an explicit policy for government shutdowns as a consequence of their frequency.
Legislative and Judicial Actions
IRS Rules on Mergers Involving DB Plans That Have Received SFA
If a plan that received special financial assistance merges with an ongoing plan, the ongoing plan is not considered to be in critical status.
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.
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.
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.
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.
DB Plans Get Relief for Certain Premium Payments and Filings
Due dates for filings or actions that would otherwise have been due on or after April 1, and before July 15, have been extended to July 15.
PBGC and DOL Make Guidance Document Databases Available
An executive order requires each agency to establish on its website a single, searchable indexed database that contains, or links to, all the agency’s guidance documents and provides certain information about them.
Plan Sponsors Using PBGC Lump-Sum Assumptions May See Changes
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.
PBGC Asking for Comments on Proposed Rulemaking
The proposal includes corrections, clarifications, and improvements to its regulations on Reportable Events, Premium Rates and others.
DB Plan Sponsors Must Include More Information in Reportable Events Filings
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.
PBGC Submits Updated Proposal for Determining Whether Plans Covered by ERISA
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.
Senate Confirms Gordon Hartogensis as Director of PBGC
Family trust trustee with Senate connections named 16th director of pensions lifeboat.
PBGC to Get Help With Administration, Finding Missing Participants
Serco Inc. will also provide PBGC field offices with database support and data analytics.
PBGC Updates Penalties for Failure to Provide Information
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.
PBGC Issues 2019 Premium Filing Instructions
The agency has included revised instructions regarding disaster relief to reflect recent changes made to PBGC’s practice.
PBGC Updates Table for Distressed and Terminating DB Plan Valuations
The table is needed to compute the value of early retirement benefits and, thus, the total value of benefits under a plan.
PBGC Wants to Collect Information About DB Plans’ ERISA Coverage
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.