The agencies have filled in the gaps for implementing provisions of the American Rescue Plan Act.
The agency's Fiscal Year (FY) 2020 Annual Report shows its multiemployer insurance program will become insolvent sometime in FY 2026.
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.
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.
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 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.
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.
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.
The agency says the additional information is needed to help it determine a defined benefit (DB) plan sponsor’s ability to continue to maintain its DB plan.
DB plan sponsors are using a variety of strategies to manage increasing PBGC premiums, including accelerating funding and implementing pension risk transfer strategies.
The Pension Benefit Guaranty Corporation says that mergers can protect the benefits earned by workers and retirees and extend the solvency of troubled plans.