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All News > PBGC

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D.C. Circuit: PBGC Has Discretion to Deny Pre-NOIT Lumpsum Distributions
Roberts Disability Law Link to more items from this source
Apr. 26, 2021

"Appellant argued Section 1341(c)'s prohibition on [post-notice of intent to terminate (post-NOIT)] lumpsum distributions reflects Congress' unambiguous intent to preclude PBGC from denying pre-NOIT lumpsum distributions. The court explained that silence may signal permission rather than proscription, leaving the question open to agency discretion." [Fisher v. PBGC, No. 20-7063 (D.C. Cir. Apr. 20, 2021)]

Tags: PBGC  •  Retirement Plan Administration

Text of PBGC Notice of Submission for OMB Approval: Survey of Nonparticipating Single Premium Group Annuity Rates
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
Mar. 31, 2021

"PBGC's regulations prescribe actuarial valuation methods and assumptions (including interest rate assumptions) to be used to determine the actuarial present value of benefits under single-employer plans in involuntary or distress terminations and the value of benefits and certain assets under multiemployer plans that undergo a mass withdrawal of contributing employers.... The interest rates are intended to reflect current conditions in the annuity markets. To determine these interest rates, PBGC gathers premium rate data from insurance companies that are providing annuity contracts to terminating pension plans through a quarterly survey.... PBGC is proposing several changes to the survey[.]"

Tags: Funding of DB Plans  •  PBGC

Text of PBGC Final Regs: Rescission of Final Rule on PBGC Guidance Documents
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
Mar. 31, 2021

"On August 26, 2020, the [PBGC] published a final rule on guidance implementing an Executive order entitled 'Promoting the Rule of Law Through Improved Agency Guidance Documents,' and providing policy and requirements for issuing, modifying, withdrawing, and using guidance; making guidance available to the public; a notice and comment process for significant guidance; and taking and responding to petitions about guidance.... [T]his final rule rescinds PBGC's rule on guidance."

Tags: PBGC

Upcoming Changes for PBGC Premium Filings Created with Private-Sector Software
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
Mar. 26, 2021

"On Monday, April 26, 2021, PBGC will launch a new version of the My Plan Administration Account (My PAA) premium filing application. The most notable changes relate to premium filings created with private-sector software, especially with respect to the 'upload' process."

Tags: PBGC  •  Retirement Plan Administration

Money — But No Lasting Fixes — for Multiemployer Pension Plans
Pensions & Investments Link to more items from this source
[Opinion]
Mar. 24, 2021

"[T]he package sidesteps action on needed structural reforms that, to date, have been impossible to enact through a bipartisan approach. In essence, the money contained in the latest stimulus bill is a fix -- some call it a bailout -- for troubled plans, and provides only a temporary reprieve for the Pension Benefit Guaranty Corp."

Tags: ARPA  •  Funding of DB Plans  •  Multiemployer Plans  •  PBGC  •  Retirement Plan Policy

How the COVID Relief Bill Saves Union Pensions
Northwest Labor Press Link to more items from this source
[Opinion]
Mar. 24, 2021

"The rescue is aimed at the roughly one in 10 multiemployer pension plans that are running out of money to pay benefits.... [CBO] estimates the rescue would cost about $86 billion. About 185 union pension plans are likely to receive assistance, but the number could be as high as 336."

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

ARPA Hands 30 Years of Relief to Underfunded Multiemployer Plans
Snell & Wilmer Link to more items from this source
[Guidance Overview]
Mar. 19, 2021

"[T]he Act permits the PBGC to limit applications during the first two years of the program to certain multiemployer plans with larger and/or more imminent needs ... Applications for financial assistance should be available in the next few months, as the Act requires the PBGC to issue guidance within 120 days of enactment[.]"

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

Pension Contributions: Consider Something More Than the Bare Minimum
Cheryl Gabriel, CPC, via LinkedIn Link to more items from this source
Mar. 17, 2021

"Recent COVID relief legislation changes the funding rules for single employer private pension plans ... In general, taking advantage of this permissible lower contribution will ... [mean] a longer period of paying PBGC premiums and administrative expenses, not to mention the continued internal administration of the plan."

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

Text of PBGC Interest Rate Assumptions for Valuing Benefits in Single-Employer Plans, Second Quarter 2021
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
Mar. 12, 2021

"The second quarter 2021 interest assumptions will be 1.82 percent for the first 20 years following the valuation date and 1.68 percent thereafter. In comparison with the interest assumptions in effect for the first quarter of 2021, these interest assumptions represent no change in the select period, an increase of 0.13 percent in the select rate, and an increase of 0.02 percent in the ultimate rate."

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

Pension Changes for Single-Employer Plans in the American Rescue Plan Act
Findley Link to more items from this source
[Guidance Overview]
Mar. 12, 2021

"While changes to the multi-employer system were designed to provide funding to significantly underfunded plans, the single-employer changes were designed to reduce the funding requirements for plans for the rest of the decade."

Tags: ARPA  •  Funding of DB Plans  •  PBGC

Pension Funding Relief Included in the American Rescue Plan Act
CAPTRUST Link to more items from this source
[Guidance Overview]
Mar. 12, 2021

"[For single-employer plans, ARPA] eliminates any existing shortfall amortization bases for historical years preceding the 2022 plan year. This effectively provides plan sponsors a clean slate; prior shortfalls will not be factored into minimum required contribution calculations."

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

Text of PBGC Submission to OMB: Forms for Locating and Paying Participants
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
Mar. 8, 2021

"This information collection is needed to pay participants and beneficiaries who may be entitled to pension benefits from plans that have terminated.... PBGC is proposing to eliminate one form (the Form 709), add four forms (form 700RN, form 700RSC, form 703RBD and form 703RBD-MP) and revise several other forms in this collection."

Tags: PBGC  •  Retirement Plan Administration

Moneypalooza Monstrosity: The Multiemployer 100% Bailout
STUMP Link to more items from this source
[Opinion]
Mar. 8, 2021

"That a bailout for the PBGC multiemployer pension program would happen was always expected, because people don't want all the union plans to go without protection because one big plan failed. However, we never expected that the failed plans would be made 100% whole."

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

Multiemployer Pension Reform Ruled Eligible for the COVID Relief Act
Seyfarth Link to more items from this source
Mar. 3, 2021

"On [March 1], the Senate Parliamentarian ruled that the multiemployer pension plan bailout provisions in the $1.9 trillion American Rescue Plan (a.k.a. the latest COVID-19 relief bill) would be eligible for a simple majority vote in the Senate as part of the budget reconciliation process, and thus will remain as part of the relief bill likely to become law shortly."

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

Pension Relief Plan in COVID-19 Stimulus Bill
Burypensions Link to more items from this source
Mar. 2, 2021

"Section 9704 would establish a fund within the PBGC and appropriate amounts as necessary to provide special financial assistance to certain multiemployer DB plans. The special financial assistance would not have to be repaid."

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

Text of PBGC Comprehensive Premium Filing Instructions for 2021 Plan Years (PDF)
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
Feb. 26, 2021

67 pages. "This document provides information for plans paying premiums for plan years beginning in 2021, including instructions for each data element that must be reported."

Tags: PBGC  •  Retirement Plan Administration

New PBGC Rule Simplifies Multiemployer Plan Withdrawal Liability Calculations
McDermott Will & Emery Link to more items from this source
Feb. 24, 2021

"The Final Rule provides simplified, streamlined methods for a multiemployer plan sponsor to: [1] Disregard reductions and suspensions of nonforfeitable benefits in determining the plan's unfunded vested benefits for purposes of calculating withdrawal liability. [2] Disregard certain contribution increases and surcharges for purposes of calculating withdrawal liability."

Tags: Multiemployer Plans  •  PBGC

PBGC Announces New General Counsel Appointment
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
Feb. 23, 2021

"The [PBGC] announced the appointment of Russell Dempsey as General Counsel.... In his role, Dempsey provides advice and counsel for the Director and the agency on legal and regulatory issues. This includes enforcement of Title IV of ERISA through litigation, negotiation, drafting regulations and guidance, deciding administrative appeals, and administration of the Freedom of Information Act. He also advises the agency on corporate governance, ethics, procurement, labor relations, and privacy."

Tags: PBGC

Provisions in Budget Reconciliation Bill Would Affect Single-Employer and Multiemployer Pension Plans
Congressional Research Service [CRS] Link to more items from this source
Feb. 23, 2021

"This In Focus describes ... provisions of the Butch Lewis Emergency Pension Plan Relief Act of 2021 ... A separate In Focus ... details Section 9704 in Subtitle H.... [1] Temporary delay of designation of multiemployer plans as in endangered, critical, or critical and declining status.... [2] Temporary extension of the funding improvement and rehabilitation periods for multiemployer plans in critical and endangered status for 2020 or 2021.... [3] Adjustments to funding standard account rules.... [4] Extended amortization for single employer plans.... [5] Modification of special rules for minimum funding standards for community newspaper plans.... [6] Cost of living adjustment freeze." [IF 11766, Feb. 23, 2021; updated Mar. 18, 2021]

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

PBGC Announces New Inspector General Appointment
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
Feb. 18, 2021

"The [PBGC] announced the appointment of Nicholas J. Novak as the agency's Inspector General. In his 35-year career, Novak spent nearly 20 years holding various positions within PBGC's Office of Negotiations and Restructuring (ONR) and the agency's Office of the Inspector General. Novak's ONR portfolio included supervising aspects of the Multiemployer Pension Insurance Program. He most recently served as PBGC's Acting Inspector General since April 2020."

Tags: PBGC

To the Union Allies of the Victor Go the Pension Spoils
Aharon Friedman, via Washington Examiner Link to more items from this source
[Opinion]
Feb. 17, 2021

"Providing government funding to MEPs, including for promises they will make in the future, while weakening funding rules and rewarding MEPs for future misconduct is abusive to taxpayers.... In the long-run, it would be far less expensive for taxpayers to write a $673 billion check to cover existing underfunding and fix MEPs going forward."

Tags: Multiemployer Plans  •  PBGC  •  Retirement Plan Policy

PBGC Issues Final Rule with Simplified Methods for Withdrawal Liability Calculations
Proskauer Link to more items from this source
[Guidance Overview]
Feb. 16, 2021

"[T]he preamble is clear that plan sponsors are not required to use the simplified methods. Although the PBGC will not approve any alternative methods on a plan-by-plan basis, the preamble notes that plan sponsors are welcome to informally consult with the PBGC on the use of alternative methods."

Tags: Multiemployer Plans  •  PBGC

PBGC Describes New Assumption for Contributions to Single-Employer Pension Plans in PIMS Modeling (PDF)
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
Feb. 12, 2021

18 pages. "The single-employer contribution assumption adopted for the FY 2019 Projections Report is intended to reflect plan sponsor behavior that has been observed in recent years.... This should represent actual plan sponsor behavior better than the prior assumption and allow for modeling of proposed legislative changes, such as changes in minimum funding rules and premium rate changes, in a more effective way."

Tags: Funding of DB Plans  •  PBGC

Summary of the Butch Lewis Emergency Pension Plan Relief Act of 2021
Cowden Associates, Inc. Link to more items from this source
Feb. 12, 2021

"[T]he multiemployer plan relief provisions in the House bill released two weeks ago have changed.... Democrats apparently have the votes to pass this bill in both the House and Senate.... This bill ... will provide the much needed relief to the plans that are struggling financially, and do so without imposing a major burden on the rest of the multiemployer system."

Tags: ARPA  •  Multiemployer Plans  •  PBGC  •  Retirement Plan Policy

Pension Rights Center Letter to House Ways and Means Committee Endorsing the Butch Lewis Emergency Pension Plan Relief Act of 2021 (PDF)
Pension Rights Center Link to more items from this source
[Opinion]
Feb. 12, 2021

"Even before the pandemic, according to the [PBGC], there were 124 multiemployer pension plans facing insolvency, endangering the hard-earned benefits of approximately 1.5 million participants and their spouses ... The pandemic has severely exacerbated this crisis, placing even financially stable plans at increased risk."

Tags: ARPA  •  Multiemployer Plans  •  PBGC  •  Retirement Plan Policy


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