The Office of Management and Budget (OMB) has approved that all reportable events filings include controlled group information, company financial statements, and the defined benefit (DB) plan’s actuarial valuation report.
Plan sponsors may submit a determination of coverage request for four common types of DB plans.
A final rule from the Pension Benefit Guaranty Corporation (PBGC) allows smaller plans terminated by mass withdrawal to perform actuarial valuations less frequently, removes certain notice requirements for insolvent plans and reflects the repeal of the multiemployer plan reorganization rules.
Family trust trustee with Senate connections named 16th director of pensions lifeboat.
Pension plan sponsors have taken various actions to reduce their PBGC premiums in the last year, resulting in a decline in premiums paid in 2018 of $1.2 billion.
Among a host of other services, Serco Inc. will operate the Pension Benefit Guaranty Corporation's (PBGC)’s contact center and help find pension plan participants.
The lawsuit claims owners of Freedom Communications made ill-advised, highly speculative investments which caused the pension plan to lose tens of millions of dollars.
The proposed amendments would affect the determination of a withdrawing employer's liability under a multiemployer plan and annual withdrawal liability payment amount when the plan has had benefit reductions, benefit suspensions, surcharges or contribution increases that must be disregarded.
The Pension Benefit Guaranty Corporation has added fiduciary breach cases to the categories of disputes covered by the mediation program.
PBGC has worked with Sears for several years to improve funding for the company’s plans.
A final rule adjusts penalties for inflation.
The early financial assistance from PBGC, together with benefit reductions that are required as a condition for receiving assistance, will help a Pennsylvania union pension plan avoid insolvency.
The new instructions include an expanded list of common filing errors.
A new table will be used for determining expected retirement ages for participants in pension plans undergoing distress or involuntary termination with valuation dates falling in 2019.
One plan type for which coverage determinations are most frequently requested is church plans, according to the agency.
The Pension Analytics Group says the only solution is to reduce benefits across the board, or many of these plans will become insolvent and participants will end up with only pennies on the dollar of the benefits they have accrued.
Senators and co-chairmen Orrin Hatch and Sherrod Brown said they missed their stated deadline for voting on a package of solutions, but the Joint Select Committee on the Solvency of Multiemployer Pension Plans will continue its work during the new session of Congress.
The assistance, along with benefit reductions, will help the plan avoid insolvency.
Modifications to the Form 5500 and Form 5500-SF and their schedules and instructions have been highlighted.
Findings reported in a new white paper suggest that government-subsidized loans would not be an effective mechanism for preventing multiemployer pension plan insolvencies.