News Archive

"This final rule ... prescribe[s] the spreads component of the interest assumption under the asset allocation regulation for plans with valuation dates of July 31, 2026-October 30, 2026. These interest assumptions are used for valuing benefits under terminating single-employer plans and for other purposes."  MORE >>

"[O]ne line item, for the [PBGC] ... asked Congress for $1 billion, 'to increase the benefit levels for participants of certain pension plans that were sponsored by Delphi Corporation and terminated as a result of General Motors' bankruptcy.' And just like that, new life was given to the long-simmering question of whether up to 20,000 nonunion retirees who say they saw their benefits cut, some by as much as 30%-70% initially after the Obama administration ran GM through a structured bankruptcy to prevent its financial ruin, might be made whole at last."  MORE >>

"Up to 33% of the SFA may be invested in return-seeking assets. The remaining SFA must be invested in investment-grade fixed-income securities and cash. PBGC says it has received questions about which fixed-income investments qualify as permissible SFA investments and the types of derivative exposure that are allowed. In response, they propose several clarifications and amendments to the investment rules."  MORE >>

"PBGC runs two distinct insurance programs: one for single-employer pensions and a second for multiemployer plans.... PBGC maintains separate reserve funds for each program." [CRS 95-118 updated Jun. 18, 2026; also available: CRS IF10492, PBGC: an Overview]  MORE >>

"The litigation risk around Pension Risk Transfer annuities is increasing, not decreasing.... The new PBGC opinion letter is especially important.... The very reason PBGC says it no longer needs early warning is the same reason retirees suffer a present legal and economic injury."  MORE >>

"The letter... concludes that annuity buyouts involving employees who remain employed generally should not be counted when determining whether a defined benefit plan has experienced an 'active participant reduction' reportable event under [ERISA]. In explaining that conclusion, the agency also reiterated that once pension liabilities have been transferred to an insurer, the PBGC no longer bears responsibility for paying benefits if that insurer later fails."  MORE >>

"An annuity buyout for active participants that will remain employed is not the type of event that the statute or regulation were designed to capture. Though the annuitized individuals will cease to be participants in the Plan, the change in status does not result because of a workforce reduction event of the type contemplated by PBGC's regulations, such as 'a reorganization or restructuring, the discontinuance of an operation or business, a natural disaster, a mass layoff, or an early retirement incentive program.' "  MORE >>

"The three plans now under PBGC trusteeship are: Retirement Plan for Bargaining Unit Employees of Fostoria and Greenville (FRAM Plan) Cardone Industries, Inc. Union Employees' Pension Plan (Cardone Plan) Dalton Corporation, Warsaw Manufacturing Facility Pension Plan (Dalton Plan) Together, these plans cover 1,630 current and future retirees.... Retirees will continue receiving their full benefits without interruption, and participants who are not yet retired may apply for benefits once they become eligible."  MORE >>

18 pages. "The [PBGC] is proposing technical corrections, clarifications, and improvements to the restrictions and conditions in its regulation on special financial assistance. These changes would clarify (a) the permissibility of investing special financial assistance in certain securities and (b) the condition requiring PBGC approval for settling withdrawal liability claims. The amendments also would repeal a provision that enabled plans that received special financial assistance to request the reallocation of employer contributions to pay for health benefit costs." [Comment period closes Aug. 17, 2026.]  MORE >>

"FACT actuaries were contacted by staff at PBGC and ... were told that we may proceed in completing applications on behalf of these terminated multiemployer plans to pursue SFA, and that PBGC would agree to pay expenses incurred by professionals on behalf of affected, insolvent funds applying for this SFA.... PBGC conceded ... that they will accept, into 2027, additional data that they may request to incorporate into a successful application.... The PBGC stated that they will not consider applications from outside the 2nd Circuit at this time."  MORE >>

24 pages. "This report addresses the OIG's accomplishments for the semiannual reporting period from October 1, 2025, through March 31, 2026.... Investigative activities [in this time period included]: 737 Complaints received; 4 Criminal investigations referred for prosecution; 1/0 Indictments/Convictions; 23 Subpoenas issued."  MORE >>

"Criteria for Mergers Involving Plans that Received SFA

• What are the eligibility requirements for a merger involving a plan that received SFA?
• What conditions apply after the merger?
• May plans request a waiver of any conditions beyond those permitted in § 4262.16(f)(4)?

"Request for Approval

• Where should a plan representative file a request for approval?
• When should a request for waiver of one or more conditions be submitted?
• May plans confer with PBGC before submitting a request for approval?
• When must a plan request approval of a merger involving a plan that received SFA?
• If plans want to adopt an alternative allocation method for the merged plan, when should that request be submitted?
• What withdrawal liability methods may a merged plan use to comply with § 4261.16(1)(3)(iv) and (v)?
• How does the example of a compliant alternative allocation method work?
• How does the example alternative allocation method satisfy the requirements of § 4262.16(f)(3)(iv) and (v)?
• Will adoption of the example alternative allocation method satisfy the risk of loss standard?
• May plans propose a different alternative allocation method?"

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PBGC has launched a new webpage designed specifically to support the practitioner community. It is intended to streamline the user’s experience and make it easier to find information. PBGC’s statute and regulations require the submission of various notices, forms, applications and payments. This new page brings those requirements together in one place by providing an overview, clear guidance, and direct links to relevant information. Practitioners can now easily access details on what must be filed, when it must be filed, and how to submit required materials.  MORE >>

"The [PBGC] is notifying the public that its civil monetary penalty amounts will not increase for the 2026 calendar year.... In accordance with guidance from the Office of Management and Budget (OMB), PBGC will continue to use the 2025 civil monetary penalty levels because there will be no cost-of-living adjustment for 2026."  MORE >>

"The PBGC announced it intends to focus on requests that concern significant or newer legal arguments, with a particular interest in complaints before U.S. circuit courts of appeals and the Supreme Court. However, the PBGC will consider filing supporting legal arguments at the district court level if the dispute involved is significant enough to merit the PBGC’s input."  MORE >>

"As part of the Corporation's compliance assistance efforts, this program establishes a process for private parties to request that the agency file an amicus brief in cases with potential implications for PBGC or the broader private pension system.... Instructions for submitting an amicus curiae request can be found on PBGC's website. Upon receiving a request, PBGC will move expeditiously to evaluate it. Still, PBGC recommends early submission to facilitate thorough review. PBGC may ultimately decline to file an amicus brief. It may also elect to file one on its own initiative."  MORE >>

"This guide is for people who are trying to divide a benefit in a PBGC-trusteed defined benefit pension plan as part of a divorce. This guide can help you navigate the QDRO process, ensuring the participant and alternate payee will receive the benefits as determined in the divorce proceeding. PBGC's QDRO guidance: Qualified Domestic Relations Orders (QDRO) and PBGC, provides significantly more detail than this practical guide, and will control if there is a conflict between the two"  MORE >>

"The Program is open to employers, plan sponsors, unions, and supporting practitioners (like lawyers and actuaries).... Submissions to the Program are made electronically.... The Program also includes a searchable database that will serve as a public repository of opinion letters issued by the Office of the General Counsel from 1974 to date."  MORE >>

"The [PBGC] today announced the relaunch of its Opinion Letter Program. This initiative provides meaningful compliance assistance to the public by answering questions about how PBGC would apply the law to specific factual circumstances."  MORE >>

"The [DOL] and [PBGC] still have not published inflation-adjusted civil monetary penalties for employee benefit plans for 2026.... [T]he 2026 penalties are supposed to be calculated by multiplying the 2025 penalty amounts by the percentage increase in the Consumer Price Index for all Urban Consumers (CPI-U) from October 2024 through October 2025. However, due to the government shutdown, the [BLS] never released CPI-U figures for October 2025. This has left the agencies without a multiplier to apply to their 2025 penalties."  MORE >>

23 pages. "The Fiscal Year 2025 Annual Report of the [PBGC] contains a summary of the results of the September 30, 2025, actuarial valuation. The purpose of this separate Actuarial Valuation Report is to provide greater detail concerning the valuation of future benefits than is presented in PBGC's Annual Report."  MORE >>

"Starting with plan years that begin in 2026, all premium payments must be made electronically, either through pay.gov or by electronic funds transfer (EFT) such as ACH or Fedwire.... If you choose to mail your [Form 5558] please note that postmarks may not accurately reflect the date the U.S. Postal Service accepts your mail.... Four new codes were added [to Form 5500] for DB plans[.]"  MORE >>

"Annuity purchases for retirees with small benefit amounts can be an easy and highly effective way to reduce PBGC premiums and save money at no cost to plan participants. For plan sponsors not subject to the PBGC Variable Rate Premium Cap, purchasing annuities for retirees receiving less than $380 monthly will save the plan money. For plan sponsors subject to the cap, purchasing annuities for retirees receiving less than $1,070 monthly will save the plan money."  MORE >>

"The net financial position of the single-employer insurance program is projected to increase significantly over the next 10 years ... The net financial position of the multiemployer insurance program is likely to remain positive for more than 40 years."  MORE >>

"Delphi Technologies ... was spun off from General Motors (GM) in 1999. In May 2009, Delphi's pension plans were terminated, and responsibility for the payment of plan participants' benefits was turned over to the [PBGC]... Some participants in Delphi pension plans whose benefits were reduced by PBGC claimed that their pension plans were wrongly terminated and have sought relief via both judicial and legislative processes." [IF12171 updated Feb. 5, 2026]  MORE >>