Compliance November 17, 2008
PBGC Puts Out Distress Termination Info Release Rule
November 17, 2008 (PLANSPONSOR.com) - The nation's
private-sector pension insurer will release a final rule
Tuesday dealing with releasing information about distress
plan terminations.
Reported by Fred Schneyer
A Pension Benefit Guaranty Corporation (PBGC) news release said the new rule mandates that plan administrators, plan sponsors, and the PBGC disclose certain information about distress plan terminations or PBGC-initiated terminations if affected parties ask for it.
The rule implements section 506 of the Pension Protection Act of 2006, which, in turn, amends sections 4041 and 4042 of the Employee Retirement Income Security Act of 1974 (ERISA).
The final rule will appear in the Federal Register on November 18, 2008.