Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Compliance January 11, 2002
PBGC To Provide Data for Tax Credit Processing
November 1, 2002 (PLANSPONSOR) - The Pension Benefit
Guaranty Corporation (PBGC) has begun disclosing personal
information of eligible PBGC pension recipients to sister
agencies.
Reported by Eric Hazard
The PBGC will begin providing that information to the Deparment of Treasury and the Department of Labor (DoL) in order to implement advance payments of tax credit under the Trade Act of 2002.
The act, signed into law by President Bush in August,will give health insurance subsidies to workers losing their jobs by shifts in imports and exports or as a result of shifts in their companies’ production overseas. Additionally, workers who are at least 55 will receive a health care tax credit, provided they are not currently eligible for Medicare or health insurance from other sources.
Expected to receive relief by the implementation are former steelworks at LTV, Corp. whose companies went out of business in March. PBGC previously announced assuming the responsibility of the three underfunded pension plans , covering 82,000 workers.