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Text of IRS Notice 2024-53: Weighted Average Interest Rates, Yield Curves, and Segment Rates for June 2024 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
June 18, 2024

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Text of IRS Notice 2024-40: Weighted Average Interest Rates, Yield Curves, and Segment Rates for May 2024 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
May 15, 2024

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Text of IRS Notice 2024-34: Weighted Average Interest Rates, Yield Curves, and Segment Rates for April 2024 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Apr. 11, 2024

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Text of IRS Notice 2024-29: Weighted Average Interest Rates, Yield Curves, and Segment Rates for March 2024 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Mar. 20, 2024

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Text of IRS Notice 2024-24: Weighted Average Interest Rates, Yield Curves, and Segment Rates for February 2024 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Feb. 16, 2024

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Text of IRS Notice 2024-21: Weighted Average Interest Rates, Yield Curves, and Segment Rates for January 2024 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Jan. 15, 2024

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Text of IRS Notice 2024-04: Weighted Average Interest Rates, Yield Curves, and Segment Rates for December 2023 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Dec. 15, 2023

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Ranking Member Cassidy Seeks Commitment from Teamsters President to Return Taxpayer Funds Wrongfully Obtained in Pension Bailout
Committee on Health, Education, Labor and Pensions, U.S. Senate Link to more items from this source
Nov. 15, 2023

"Earlier this month, the [PBGC] Office of Inspector General (OIG) published a report disclosing that the PBGC overpaid the Central States fund by $127 million after the plan included 3,479 dead participants in its bailout request ... In a letter sent to [Teamsters President Sean O'Brien], Cassidy urged the Central States Pension Fund to fulfill their commitment to return the $127 million overpayment to American taxpayers and requested information as to how the union will prevent this kind of poor mismanagement in the future."

Tags: ARPA  •  Funding of DB Plans  •  Multiemployer Plans

Text of IRS Notice 2023-76: Weighted Average Interest Rates, Yield Curves, and Segment Rates for November 2023 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Nov. 14, 2023

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Text of IRS Notice 2023-72: Weighted Average Interest Rates, Yield Curves, and Segment Rates for October 2023 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Oct. 19, 2023

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Text of IRS Notice 2023-66: Weighted Average Interest Rates, Yield Curves, and Segment Rates for September 2023 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Sept. 15, 2023

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Text of IRS Notice 2023-61: Weighted Average Interest Rates, Yield Curves, and Segment Rates for August 2023 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Aug. 14, 2023

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Text of IRS Notice 2023-53: Weighted Average Interest Rates, Yield Curves, and Segment Rates for July 2023 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
July 25, 2023

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Text of PBGC Updated SFA Questions and Answers: Permissible Investments and Withdrawal Liability Condition and Make-up Payments of Previously Suspended Benefits
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
July 20, 2023

Updated Jul. 19, 2023, to include two sets of new SFA questions and answers: [1] The Permissible Investments SFA questions and answers explain and provide examples of permissible investment grade fixed income (IGFI) securities and return-seeking assets (RSA). [2] The Withdrawal Liability Condition and Make-up Payments of Previously Suspended Benefits SFA questions and answers focus on the withdrawal liability condition requiring phase-in of SFA assets. They clarify the calculation methodology for plans that paid make-up payments of previously suspended benefits.

Tags: ARPA  •  Funding of DB Plans  •  Multiemployer Plans

Text of IRS Notice 2023-48: Weighted Average Interest Rates, Yield Curves, and Segment Rates for June 2023 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
June 15, 2023

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Text of IRS Notice 2023-40: Weighted Average Interest Rates, Yield Curves, and Segment Rates for May 2023 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
May 15, 2023

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Text of DOL Field Assistance Bulletin No. 2023-01: Annual Funding Notice Requirements for Multiemployer Pension Plans That Received Special Financial Assistance
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Link to more items from this source
[Official Guidance]
Apr. 25, 2023

"This memorandum provides guidance to [EBSA's] national and regional offices on how multiemployer defined benefit plan administrators can comply with the annual funding notice requirements of section 101(f) of ERISA in the case of plans that received SFA from PBGC under the American Rescue Plan Act or are eligible to apply for SFA from PBGC. This memorandum also includes model language that plan administrators may use in the annual funding notice.

  1. The annual funding notice requires a statement of the funded percentage under section 101(f)(2)(B)(i)(II) of ERISA and a statement of the actuarial value of plan assets under section 101(f)(2)(B)(ii)(II) of ERISA. Is SFA taken into account when determining those disclosures? No....
  2. Should the annual funding notice's statement of fair market value of assets as of the last day of the notice year and the two preceding years (as required by section 101(f)(2)(B)(ii)(II) of ERISA) reflect SFA received by the plan? Yes....
  3. Does a plan's receipt of SFA trigger the 'material effect' explanation required under section 101(f)(2)(B)(vii) of ERISA? Yes....
  4. For which plan year should the 'material effect' explanation required by section 101(f)(2)(B)(vii) of ERISA be provided? ...
  5. When a plan's receipt of SFA triggers the 'material effect' explanation required under section 101(f)(2)(B)(vii) of ERISA, what information must the explanation include? ...
  6. How does a plan's receipt of SFA affect the plan administrator's obligation with respect to the statement required by 29 CFR 2520.101-5(b)(6), relating to plans in endangered, critical, or critical and declining status? ...
  7. Does a plan's receipt of SFA affect the general description of the plan's investment policy required by 29 CFR 2520.101-5(b)(5)(iii)? Yes....
  8. Does the plan administrator have to separately identify the assets in the SFA account to satisfy the requirements of 29 CFR 2520.101-5(b)(5)(ii)? No....
  9. If the plan received SFA, does the annual funding notice have to include a summary of the rules governing insolvency, including the limitations on benefit payments as required by 29 CFR 2520.101-5(b)(8)(ii)? Yes....
  10. May an insolvent plan that is eligible for but has not applied for SFA modify the model language in Appendix B of 29 CFR 2520.101-5 summarizing the rules governing insolvent plans to inform participants that the plan is eligible for SFA? Yes....
  11. Section 4262(m)(6) of ERISA provides that a plan receiving SFA may not subsequently apply to suspend benefits under section 305(e)(9) of ERISA in the future even if the plan is in critical and declining status and otherwise meets the requirements for suspension. May the annual funding notice of a plan that received SFA include a statement describing the prohibition against such future suspensions? Yes."

Tags: ARPA  •  Multiemployer Plans  •  Retirement Plan Administration

Text of IRS Notice 2023-33: Weighted Average Interest Rates, Yield Curves, and Segment Rates for April 2023 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Apr. 20, 2023

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Economic Consequences of Pension Bailouts: Evidence from the American Rescue Plan
Michael Dambra, Phillip J. Quinn, and John Wertz, via SSRN Link to more items from this source
Apr. 20, 2023

56 pages. "Consistent with the [American Rescue Plan] inducing moral hazard, [the authors] find that [multiemployer pension plans (MEPPs)] increase risk taking in investment allocations, increase benefit payments, and increase administrative fees relative to single-employer pension plans which did not receive bailout funds. The economic magnitudes ... are significant, with MEPPs collectively increasing their holdings of high-risk assets by at least $10.1 billion. [The authors find] evidence consistent with MEPPs deploying opportunistic actuarial assumptions to increase the likelihood of qualifying for bailout relief."

Tags: ARPA  •  Funding of DB Plans  •  Multiemployer Plans

Text of IRS Notice 2023-25: Weighted Average Interest Rates, Yield Curves, and Segment Rates for March 2023 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Mar. 15, 2023

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Multiemployer Pension Funding Study: Year-End 2022
Milliman Link to more items from this source
Mar. 3, 2023

"Significant investment losses during 2022 resulted in an aggregate funded percentage for all multiemployer plans of 79% as of December 31, 2022, down from 91% at the end of 2021.... As of December 31, 2022, 35 plans have received $9 billion in special financial assistance (SFA) ... which added 1% to the aggregate funded percentage. An additional $37 billion of SFA was paid in January 2023. If those amounts had been paid by December 31, 2022, the aggregate funded percentage would have been 84%."

Tags: ARPA  •  Funding of DB Plans  •  Multiemployer Plans

Text of IRS Notice 2023-19: Weighted Average Interest Rates, Yield Curves, and Segment Rates for February 2023 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Feb. 22, 2023

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

PBGC Opens Special Financial Assistance Application Period for Plans in Priority Group 6
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
Feb. 13, 2023

"On February 11, 2023, PBGC will begin accepting applications for Special Financial Assistance for eligible plans in Priority Group 6. Priority Group 6 includes those plans for which PBGC projects a present value of financial assistance payments under section 4261 of ERISA that would exceed $1 billion in the absence of SFA."

Tags: ARPA  •  Multiemployer Plans

Final Rule Provides Exception Process for Underfunded Multiemployer Plans Seeking Special Financial Assistance from PBGC
Thomson Reuters Practical Law Link to more items from this source
[Guidance Overview]
Jan. 27, 2023

"In response to public comments, the final rule creates a process under which plan sponsors may request an exception from the interest rate assumptions and phase-in conditions when determining the plan's unfunded vested benefits (UVBs) for purposes of calculating withdrawal liability."

Tags: ARPA  •  Funding of DB Plans  •  Multiemployer Plans  •  PBGC

Text of PBGC Final Regs: Special Financial Assistance Withdrawal Liability Condition Exception
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
Jan. 25, 2023

20 pages. "PBGC is adding Section 4262.16(g)(3), which provides a process for a plan sponsor to request approval from PBGC for an exception from the withdrawal liability conditions in Section 4262.16(g)(1) and [2] under specific circumstances The exception process added by this final rule is separate from the SFA application process. A request for an exception from the withdrawal liability conditions may be submitted to PBGC either before the plan's initial application for SFA is filed or before a revised application is filed. A plan sponsor requesting an exception is encouraged to have a pre-submission consultation with PBGC."

Tags: ARPA  •  Funding of DB Plans  •  Multiemployer Plans

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