RTD Financial Advisors
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Pension Rights Center
Retirement Industry Trust Association (RITA)
ERISA Services, Inc.
Farmer & Betts, Inc.
EPIC Retirement Plan Services
Plumbers Local Union No. 1 Benefit Funds
Nicholas Pension Consultants
Kentucky Trust Company
Hochheiser Deutsch & Co, Inc.
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|Text of PBGC Interim Final Regs: Partitions of Eligible Multiemployer Plans|
Pension Benefit Guaranty Corporation [PBGC]
June 17, 2015
63 pages."This document contains an interim final rule prescribing the application process and notice requirements for partitions of eligible multiemployer plans under title IV of [ERISA], as amended by the Multiemployer Pension Reform Act of 2014 (MPRA).... PBGC is soliciting public comments ... As under prior law, PBGC's decision to order a partition is discretionary. Unlike prior law, however, the statute requires PBGC to make a determination not later than 270 days after the date such application was filed ... In addition, section 4233(a)(2) states that not later than 30 days after submitting an application for partition, the plan sponsor shall notify the participants and beneficiaries of such application, in the form and manner prescribed by regulations issued by PBGC... Section 4233(b) of ERISA contains five statutory conditions that must be satisfied before PBGC may order a partition... Under the new withdrawal liability rule, if an employer withdraws fro m the original plan within 10 years following the date of the partition, withdrawal liability is computed under section 4201 with respect to the original plan and the successor plan[.]"
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