Headlines about "Actuarial - PBGC reform"

Gathered from the web by the editors at BenefitsLink.com.
Risk Management and the PBGC
Excerpt: "[The authors] provide commentary on the PBGC's asset reallocation plan. This article was written before the capital market downturn that began in Sept./Oct. 2008. Recent events do not change the questions posed or perspectives offered herein." (Society of Actuaries)

Bill Would Take PBGC Directors Out of Investment Manager Hiring Loop
Excerpt: "Sen. Herb Kohl, D-Wis., is planning to introduce legislation later this month that would bar future directors of the Pension Benefit Guaranty Corp. from getting involved in the agency's hiring of money managers." (Pensions & Investments)

Labor Secretary Asks PBGC to Halt Shift of Investments from Bonds to Equities
Excerpt: "Secretary of Labor Hilda Solis, chairwoman of the Pension Benefit Guaranty Corporation (PBGC), has urged its board to suspend a controversial investment strategy shifting assets of the $64 billion fund out of bonds and into stocks and alternatives, according to documents obtained by the Boston Globe." (PLANSPONSOR.com; free registration required)

[Opinion] PBGC 'Scandal' Is Failure to Fix What's Broken in a Timely Fashion
Excerpt: "Retribution has its allure but is no substitute for reform. The real scandal here surrounds the company executives, from those at LTV Corp. in the 1980s to those at Chrysler today, who fail to acknowledge the need for pension reform. Larger still is the scandal of lawmakers and presidents -- from Lyndon Johnson to George W. Bush -- who failed to promulgate that reform in a timely way." (Bloomberg L.P.)

'Less Conservative' Investment Plan for Pension Benefit Guaranty Corporation Wasn't Implemented
Excerpt: "The Pension Benefit Guaranty Corp. said it never fully implemented the 'less conservative' investment strategy spearheaded by former Director Charles E.F. Millard, who is now under scrutiny for his ties to Wall Street. The government-owned PBGC, which pays the pensions of 44 million people from bankrupt companies, hasn't 'actively put any money' into the 'alternative' investments such as private equity and real estate that Millard championed, said Jeffrey Speicher, a spokesman." (Bloomberg L.P.)

PBGC Provides Small Plan Reporting Relief for Missed 2009 Quarterlies
Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) issued Technical Update 09-3 to provide reporting relief from part 4043 requirements if a required quarterly contribution is not timely made and failure to make the contribution is not motivated by financial inability. Reporting is waived if the plan has fewer than 25 participants and is simplified if the plan has at least 25 but fewer than 100 participants." (International Foundation of Employee Benefit Plans)

PBGC Shifted to Stock Investments Last Year
Excerpt: "Just months before the start of last year's stock market collapse, the federal agency that insures the retirement funds of 44 million Americans departed from its conservative investment strategy and decided to put much of its $64 billion insurance fund into stocks. Switching from a heavy reliance on bonds, the Pension Benefit Guaranty Corporation decided to pour billions of dollars into speculative investments such as stocks in emerging foreign markets, real estate, and private equity funds." (The Boston Globe)

DB Plan Meltdowns: Victims of Current Crisis
Excerpt: "[A] radical overhaul of the private pension system, especially the defined benefit branch, will be required if it is to be preserved as a key engine for assuring the retirement security of our workers and their families. Whatever last legs the defined benefit plan design had been balancing on after the 'perfect storm' of 2002 have been knocked out from under it with the financial collapse of 2008." (Attorney Alvin D. Lurie)

Pension Benefit Guaranty Corporation Insurance Programs, Page 91 in GAO's High Risk Update (PDF)
99 pages. Excerpt: "Given the wide range of challenges facing the government, and what needs to be done to improve federal programs and operations and save billions of dollars, GAO recently launched its Congressional and Presidential Transition Web site [http://www.gao.gov/transition_2009/]. Together, this high-risk update and GAO's transition Web site can help set the oversight agenda for the 111th Congress, as well as contribute to an informed and smooth transition to the new administration. Moreover, in the coming months, GAO plans to report on a range of major national issues." (U.S. Government Accountability Office)

GAO Continues to List PBGC Insurance Programs on 'High Risk' List of Federal Priorities
Highlights are at pp. 91-92 of the 99-page document that includes discussion of other high risk federal priorities. PBGC had made the 1990 list but was removed in 1995; it made the list again in 2003 and has remained there. (U.S. Government Accountability Office)

PBGC Initiatives Focus on the Future
Excerpt: "[As PBGC Executive Director Charles E. F.] Millard prepares to leave office, the PBGC has launched another new initiative, this one focused on the impact of longevity of beneficiaries on the agency's liabilities and how it manages to meet them going forward. 'It is strange: Nobody considers longevity to be a problem, and if it is, then it is one that, personally, everyone hopes to suffer from. But while it is a social good, it is clearly a risk that all pension plans and insurers must address,' he says." (PLANSPONSOR.com; free registration required)

[Guidance Overview] PBGC's PPA Guidance on Applying Minimum Lump Sum Changes in Standard Terminations
See 'Items of Interest' listing on the target page. Excerpt: "The Technical Update states that the 'guidance represents PBGC's current thinking on this topic,' and 'does not create or confer any rights for or on any person or operate to bind the public.' It goes on to note that, '[i]f an alternative approach satisfies the requirements of the applicable statutes and regulations, you can use that approach,' and that '[i]f you want to discuss an alternative approach (you are not required to do so), you may contact the PBGC.'" (http://www.keightleyashner.com/main.htm)

PBGC Hangs Hat on Investment Policy as Strategy to Survive Market Turmoil
See Items of Interest List on target site. Excerpt: "The PBGC's investment policy that was adopted in 2008 was intended to diversify asset investments to improve their returns, Charles E.F. Millard, told BNA Dec. 16. He said he considers the policy the agency's 'best opportunity' to meet its financial obligations without a congressional bailout." (Keightley & Ashner LLP)

Pension Expense for S&P 1500 Companies Will Soar by $60 Billion in 2009, a Mercer Study Predicts
Excerpt: "[T]he overall pension expense of the 772 corporations in the S&P index that sponsor traditional plans is likely to increase from $10 billion in 2008 to $70 billion in 2009, according to projections released by Mercer, a big pension-consulting firm." (CFO.com)

PBGC Hires Firms To Help Manage Private Equity and Real Estate Portfolio
Excerpt: "The U.S. Pension Benefit Guaranty Corp. tapped three investment firms to help manage $2.5 billion in real-estate and private-equity assets, segments the pension insurer's board approved earlier this year for expansion into. BlackRock Inc. (BLK), Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. (JPM) were selected to manage the investments, provide support to PBGC's in-house investment staff and help build the corporation's institutional capacity." (CNNMoney.com)

PBGC Taking a Fresh Look at Securities Lending
Excerpt: "Securities lending programs have long been a way for institutions to add a little income, to help offset custody fees, or pay for some of their staff costs. . . . 'We see now that securities lending contains real risks, and needs to be treated like any other part of an investment policy, and institutions need to know whether they are being compensated for the risks they take,' says [Charles] Millard. The PBGC's program is substantial: at the end of September 2008, PBGC had loaned about $ 3.6 billion of securities, and earned $35 million for the year then ended." (PLANSPONSOR.com; free registration required)

[Opinion] Agency That Protects Pension Plans May Be in Jeopardy: Federal Agency May Need a Bailout, Too
Excerpt: "The Pension Benefit Guaranty Corp. was already in the hole before the stock market meltdown and the credit freeze shut down U.S. economic growth this fall. More public companies are expected to file for bankruptcy next year. And who knows how many pension plans will fail? 'There's tremendous uncertainty as to what the PBGC might get hit with,' said Frank Todisco, senior pension fellow for the American Academy of Actuaries in Washington." (Detroit Free Press)

PBGC Semiannual Regulatory Agenda Addresses Cash Balance Plans
Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) has released its semiannual regulatory agenda for Fall 2008, which outlines regulations that have been selected for amendment during the next year, as well as any regulations that have been recently finalized." (Wolters Kluwer)

PBGC Looking for Securities Lending Partners
Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) has issued a Request for Information (RFI) to assess the viability of expanding its securities lending program to qualified sources in the commercial and public sector market. The agency said it issued the RFI 'to determine if additional competing of the securities lending business will benefit the PBGC.' The agency said it is seeking qualified companies that can enhance its current activities and gain a better understanding of costs and benefits associated with modifying and potentially expanding the provider base of the program." (PLANSPONSOR.com; free registration required)

GAO's Recommended Improvements to EBSA and PBGC
Excerpt: "The U.S. Government Accountability Office (GAO) has issued recommendations for improving the monitoring and enforcement of pension laws and regulations by the Labor Department's Employee Benefits Security Administration (EBSA) and has recommended ways for the Pension Benefit Guaranty Corporation (PBGC) to improve its financial stability." (Wolters Kluwer)

PBGC Reduces Deficit
Excerpt: "But the good news almost certainly is nearing an end. More corporate failures are certain in the slumping economy, which likely would result in the PBGC taking over more underfunded pension plans." (Business Insurance)

Full Text of 2008 Annual Management Report by PBGC (PDF)
88 pages. Excerpt: "I am pleased to transmit the Pension Benefit Guaranty Corporation's Annual Management Report for fiscal year 2008. This report includes PBGC's financial statements, the transmittal letter of PBGC's Inspector General, and the independent auditor's combined report on the Corporation's financial statements, internal controls, and compliance with laws and regulations. Also included is the Corporation's Annual Performance Report as required under the Government Performance and Results Act." (Pension Benefit Guaranty Corporation)

PBGC Request To GM For Pension Information Goes Unanswered
Excerpt: "Agency spokesman Marc Hopkins said the PBGC is looking for a 'more accurate' picture of the auto maker's pension programs stability, which is necessary for the agency to effectively monitor the financial health of auto makers." (Dow Jones via CNN.com)

Professor Warns That PBGC Must Change Tactics
Excerpt: "Congress should give the Pension Benefit Guaranty Corp. the same tools private insurers have to assess risk and set premiums if the country wants to avoid another multibillion-dollar taxpayer bailout, a University of Illinois finance professor warns. . . . Jeffrey R. Brown, professor at the Urbana-Champaign school, says recent financial troubles only underscored flaws in the PBGC's design and, more importantly, show how flawed the agency's decision earlier this year was to move more assets into riskier investments." (Pensions & Investments)

A New Political Environment for Labor and Employment Issues (PDF)
4 pages. There are brief comments on Pay Discrimination, Executive Compensation, Pension Protection, and 401(k) Fiduciary Liabilities. (Morgan, Lewis & Bockius LLP)

PBGC Director Millard's Post-Committee Hearing Statement
Excerpt: "Following the hearing, PBGC Director Charles E.F. Millard issued the following statement: 'The PBGC in stronger financial condition than it was a year ago. Our deficit is down about $3 billion from last year's $14 billion. Retirees who depend on us should not be concerned --the PBGC has sufficient funds to meet our benefit obligations for years into the future. To ensure our long-term ability to pay benefits, we have adopted a new investment policy that is diversified to mitigate risk." (PLANSPONSOR.com; free registration required)

Director Millard Defends PBGC Investment Policy Change
Excerpt: "The head of the nation's private-sector pension insurer appeared before a U.S. House committee in Washington on Friday to respond to continuing controversy over whether the agency's new investment policy/asset allocation is too risky during a time of market turmoil. Charles E.F. Millard, Director of the Pension Benefit Guaranty Corporation (PBGC), explained in testimony before the House Committee on Education and Labor and Chairman, George Miller (D-California), that the PBGC's newly announced investment policy change (See PBGC Makes Big Shift to Stocks, Alternatives) is expected to dramatically increase its chance of closing its deficit, which Millard said is expected to be in the $10 billion to $12 billion range at the end of FY 2008." (PLANSPONSOR.com; free registration required)

Another Bailout? Government Pension Insurer Could Be Next, Expert Says
Excerpt: "Jeffrey R. Brown says the troubled Pension Benefit Guaranty Corp., which steps in when private-sector employers with under funded defined-benefit plans go bankrupt, was $14 billion short of the cash it will need to cover pensions based on the latest estimates released a year ago. But he predicts the shortfall will soar as a sour economy shutters more businesses and a plunging stock market carves into pension fund assets, with a government fix similar to this month's $700 billion Wall Street bailout as the likely solution." (PhysOrg.com)

Testimony for the PBGC on the State of the Pension Benefit Guaranty Corporation
September 24, 2008, Testimony of Charles E.F. Millard, Director Pension Benefit Guaranty Corporation before the Committee on Ways and Means Subcommittee on Oversight United States House of Representatives. (Pension Benefit Guaranty Corporation)

Present Law and Background Relating to the Pension Benefit Guaranty Corporation (PDF)
42 pages. Excerpt: "The Subcommittee on Oversight of the Committee on Ways and Means of the House of Representatives has scheduled a [September 24, 2008] public hearing on the Pension Benefit Guaranty Corporation ('PBGC'). This document, prepared by the staff of the Joint Committee on Taxation, provides a description of present law regarding the PBGC." (U.S. Joint Committee on Taxation)

Pension Benefit Guaranty Corporation: Some Steps Have Been Taken to Improve Contracting, but a More Strategic Approach Is Needed (PDF)
45 pages. Excerpt: "In response to growing workloads, PBGC has come to rely heavily on contractors to conduct its work. GAO was asked to report on (1) the role that contracting plays in PBGC's efforts to accomplish its mission, (2) the steps PBGC has taken to improve its acquisition infrastructure and develop a strategic approach to guide its contracting activities, and (3) the steps PBGC has taken to improve its contract oversight processes to ensure accountability." (U.S. Government Accountability Office)

Rep. Lewis Announces a Hearing on the Pension Benefit Guaranty Corporation to be Held on September 24, 2008
Excerpt: "The Subcommittee will review the financial condition, operations, and governance of PBGC. The hearing will focus on the deficit in the single-employer pension insurance program, the change in investment policy, and the governance weaknesses identified by GAO. The Subcommittee also will examine the overall status of the defined-benefit pension system, including the rise in the number of frozen or voluntarily terminated plans." (U.S. House Committee on Ways and Means Subcommittee on Oversight)

PBGC Agrees to Provide New Board and Directors with Full Disclosure of Its Financial and Management Challenges
Excerpt: "To ensure smooth sailing for the [Pension Benefit Guaranty Corporation]'s new governing board that will come with January's Presidential transition, the Government Accountability Office requested in a report released Wednesday that the PBGC prepare a full report on its financial and management challenges. The agency immediately agreed." (CFO.com)

PBGC Warns Of More Delphi Claims
Excerpt: "The U.S. pension insurance agency could file up to $2.5 billion in claims against bankrupt Delphi Corp's profitable foreign assets unless the auto supplier reaches a deal to resolve pension liabilities with former parent General Motors Corp this week." (Reuters via New York Times)

Pension Benefit Guaranty Corporation: Need for Improved Oversight
34 pages. Excerpt: "GAO reviewed PBGC's new corporate bylaws and the structure and reporting requirements of selected government corporations. GAO also interviewed PBGC and Department of Labor officials. . . . GAO recommends that PBGC provide Office of Inspector General and GAO reports on the corporation's management and financial challenges to the newly appointed board members, board representatives, and director. In response, PBGC agreed to provide such reports to new appointees. " (Pension Benefit Guaranty Corporation)

[Opinion] How the PBGC Plans to Increase Profits Without Taking on Risk
Excerpt: "The Pension Benefit Guaranty Corporation, which is supposed to guarantee that those of us with pensions will get paid even if our employers go broke, has a $14 billion deficit. But it claims to have found a way to climb out of that hole while reducing the risk of its investments. It plans to move a lot of money out of bonds and into stocks, with sizable investments going into real estate and private equity funds." (The New York Times; free registration required)

PBGC Head Fires Back on GAO Investment Policy Criticisms
Excerpt: "The nation's private-sector pension insurer on Monday defended itself against questions raised in a new Congressional oversight report about the Pension Benefit Guaranty Corporation's (PBGC) new investment policy. The Government Accountability Office (GAO) report, 'Implementation of New Investment Policy Will Need Stronger Board Oversight,' raised questions about whether the PBGC board has been sufficiently involved in approving investment policy changes in concept - including the one the board okayed in February 2008 . . . ." (PLANSPONSOR.com; free registration required)

PBGC Assets: Implementation of New Investment Policy Will Need Stronger Board Oversight (PDF)
62 pages. Excerpt: "GAO recommends (1) improvements to the way that PBGC's board monitors progress in achieving investment policy goals, and (2) additional analyses on the new investment policy. In response, PBGC's board stated its informal guidance is appropriate oversight. GAO states this type of guidance is not strong enough for investing $68 billion. Further, PBGC is conducting additional analysis on the new policy." (U.S. Government Accountability Office)

Pension Benefit Guaranty Corporation Downplayed Investment Risk - GAO Criticizes Volatile Strategy
Excerpt: "The federal agency charged with backstopping pension benefits for 44 million Americans has understated the risks of its new investment policy, a congressional watchdog said Monday. The Government Accountability Office (GAO) said in a report that the Pension Benefit Guaranty Corp.'s new strategy could significantly boost the PBGC's investment returns, but it 'will likely also carry more risk than acknowledged by PBGC's analysis.'" (The Washington Times)

Federal Pension Agency Seeks Investment Partners
Excerpt: "The federal agency that backs the retirement benefits of 44 million Americans is seeking financial firms to invest about $2.5 billion of its assets in private equity and real estate. The Pension Benefit Guaranty Corp. . . . adopted a new policy in February to shift a greater portion of its $55 billion in assets to stocks and alternative investments such as private equity funds." (AP via Forbes.com)

[Guidance Overview] PBGC Permits Appeals Board to Refer Some Appeals to Other Departments
Excerpt: "The PBGC has issued final regulations permitting its Appeals Board to refer certain appeals to Appeals Board staff or other internal departments for a written response. The amendments also include some minor clarifying and technical changes to the rules for administrative review of agency decisions." (Wolters Kluwer)

PBGC Amends Appeals Procedures
Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) announced it is publishing a final rule amending its regulation on Rules for Administrative Review of Agency Decisions to clarify that the agency's Appeals Board may refer certain categories of appeals to other PBGC departments for a written response." (PLANSPONSOR.com; free registration required)

PBGC Releases Bankruptcy Plan Termination Rule
Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) has proposed a rule to protect the agency from liability growth during employer bankruptcy proceedings." (PLANSPONSOR.com; free registration required)

New PBGC Investment Strategy Poses Increased Risk During an Economic Downturn, Says CBO Chief
Excerpt: "A new diversified investment policy adopted by the PBGC is likely to produce higher returns over the long run, but also increases the risk that the PBGC will not have sufficient assets to pay benefits during an economic downturn, the director of the Congressional Budget Office (CBO) said in an April 24, 2008 letter." (Wolters Kluwer)

[Opinion] CBO's Letter on Investment Policy Recently Adopted by the Pension Benefit Guaranty Corporation (PDF)
6 pages. Excerpt: "The effect on taxpayers of the change in PBGC's investment strategy depends on assumptions about future premiums and benefits and expectations about the government's ultimate responsibility to covered retirees." (U.S. Congressional Budget Office)

[Opinion] CBO Director's Blog on April 24 Letter Issued on Pension Benefit Guaranty Corporation
Excerpt: "CBO issued a letter today reviewing a new investment policy recently adopted by the Pension Benefit Guaranty Corporation (PBGC). As part of its analysis, CBO reviewed the assumptions underlying PBGC's decision and assessed the revised policy's potential for affecting the corporation's ability to meet its obligation to retirees and for increasing costs to taxpayers." (U.S. Congressional Budget Office)

[Guidance Overview] PBGC Implements Variable-Rate Premium Changes (PDF)
Excerpt: "On March 21, 2008, PBGC published a final rule (73 Fed. Reg. 15065) that, among other things, implements the statutory changes to the variable-rate premium (VRP) that go into effect starting with the 2008 plan year. The final rule, according to PBGC, is 'nearly the same' as the proposed rule published May 31, 2007 (72 Fed. Reg. 7755). This article briefly summarizes key provisions of the final rule, which is available at http://edocket.access.gpo.gov/2008/pdf/E8-5712.pdf" (ASPPA via Keightley & Ashner LLP)

The Task - Taking Risk Out of Pensions
Excerpt: "A Williams College economics professor has received a $40,000 Social Security Administration grant to fund research that has the potential to effect every working person in the United States.David Love, a Williams College assistant professor of economics, is studying the effects of risky pensions on personal savings and labor supply decisions." (Berkshire Eagle)

In Policy Shift, PBGC Turns to Stock Market Shrinking the Portion of Bonds in Its Portfolio
Excerpt: "After five years of strictly matching its assets to its liabilities, the nation's defined-benefit pension insurer will stock its investment portfolio with a larger percentage of equities and a new host of 'alternative investments,' including real-estate and private-equity partnerships." (CFO.com)

[Guidance Overview] PBGC Provides Premium Guidance for Defined Benefit Plans (PDF)
4 pages. Excerpt: "These developments affect sponsors of qualified defined benefit plans that are subject to PBGC premium requirements, including cash balance plans and multiemployer plans. Governmental plans and plans sponsored by churches that do not elect to be covered by ERISA ('non-electing church plans') are not subject to these rules." (Prudential Retirement)

PBGC to Diversify Its Portfolio
Excerpt: "The agency, which insures basic pension benefits for U.S. workers and retirees, says diversifying its mix of investments would significantly increase its chances of erasing its $14 billion deficit within the next decade. Last year, about 72% of its assets were in cash and fixed-income securities." (Wall Street Journal)

PBGC Says Goodbye to LDI
Excerpt: "The Pension Benefit Guaranty Corp. is abandoning its 4-year-old liability-driven investment policy, reallocating almost $15 billion to equities and alternative investments." (Pensions & Investments)

PBGC Increase, New Savings Accounts in President's 2009 Budget
Excerpt: "The proposal is aimed in part at helping the Pension Benefit Guaranty Corp. close a $13.1 billion deficit in its single-employer program, according to the budget." (Workforce Management (free registration required))

PBGC Premium Hike and Employer Retirement Savings Accounts in 2009 Budget
Excerpt: "President Bush announced a legislative proposal . . . allowing the PBGC to raise premiums it charges underfunded pension plans. . . . The 2009 budget also includes a series of proposals . . . that would simplify the rules applied to a variety of defined contribution and other savings plans. Among other things, the proposals would consolidate 401(k), SIMPLE 401(k), SARSEPS (salary reduction simplified employee pensions), thrift plans, 403(b) and governmental 457(b) plans into a new Employer Retirement Savings Account." (Pensions & Investments)

[Guidance Overview] PBGC Updates Premium Rules for DRA and PPA Changes
Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) has issued final regulations to implement certain changes to the flat- and variable-rate premiums made by the Deficit Reduction Act (DRA) of 2005 (P.L. 109-171) and the Pension Protection Act (PPA) of 2006 (P.L. 109-280), and to add provisions for the new termination premium established by the DRA and modified by the PPA. 72 FR 71222 (December 17, 2007). The final regulations closely follow proposed rules the PBGC released early in 2007." (Deloitte via BenefitsLink.com)

Investment Policy on PBGC's Agenda; Practitioners Call for More Aggressive Mix
3 pages; on the target page, click on the link having the title shown above. Excerpt: "The Pension Benefit Guaranty Corporation has contracted with an outside investment adviser to review the agency's assets and liabilities in light of the best investment practices and asset allocations of similar institutions, John H. Hanley, director of PBGC's Legislative and Regulatory Department, said in discussing issues the agency will be dealing with in 2008." (From BNA's Pension & Benefits Daily; reprinted with permission by Keightley & Ashner LLP)

Table: Present Value of PBGC Maximum Guarantee
Excerpt: "The 2008 table was developed using the 417(e) segment rates for August 2007 (5.02%, 5.18% and 5.28% respectively) and the 417(e) applicable mortality table for 2008 provided in IRS Revenue Ruling 2007-67." (Pension Benefit Guaranty Corporation)

Overview: PBGC's Flat-Rate Premium Increase, Termination Premium, and Small Employer VRP Cap (PDF)
6 pages. Excerpt: "The rules governing Pension Benefit Guaranty Corporation premiums have recently undergone significant changes, and more change is on the horizon. Flat-rate premiums shot up for the 2006 plan year and are now statutorily ordained to increase over time. An ongoing employer whose plan terminates in a distress or involuntary termination on or after Jan. 1, 2006, may have to grapple with a new and hefty ''termination premium.''" (The Bureau of National Affairs, Inc. via Keightley & Ashner LLP)

Overview: PBGC's Flat-Rate Premium Increase, Termination Premium, and Small Employer VRP Cap (PDF)
Excerpt: "PBGC premiums are likely to move higher for all plans in terms of the flat-rate premium and for many plans in terms of the VRP. Understanding the everchanging premium rules will help practitioners properly advise their clients in this area of ever-increasing complexity and importance." (Keightley & Ashner LLP)

Overview: PBGC Update of Regs on Premiums to Reflect DRA and PPA
Excerpt: "The regulations implement changes to the law made by the Deficit Reduction Act of 2005 (DRA; P.L. 109–171) regarding plan years beginning, and terminations occurring, after 2005; and made by the Pension Protection Act of 2006 (PPA; P.L. 109–280) regarding plan years beginning after 2006." (Wolters Kluwer Financial Services)

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