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Compliance July 11, 2017
PBGC Requests More Time to Collect Multiemployer Merger Information
The agency says it uses information submitted by plan sponsors under the regulation to determine whether mergers and transfers conform to the requirements of ERISA Section 4231.
Reported by Rebecca Moore
The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval of a collection of information contained in PBGC’s regulation on Mergers and Transfers Between Multiemployer Plans.
The agency is requesting public comment on the collection of information.
The PBGC’s regulation on Mergers and Transfers Between Multiemployer Plans sets forth the procedures for giving notice of a merger or transfer under Section 4231 of the Employee Retirement Income Security Act (ERISA) and for requesting a determination that a transaction complies with Section 4231.
The agency says it uses information submitted by plan sponsors under the regulation to determine whether mergers and transfers conform to the requirements of ERISA Section 4231 and the regulation. The collection of information has been approved by the OMB through July 31, 2017, and the PBGC is requesting that the OMB extend its approval for another three years.
Last year, the agency proposed a rule to facilitate mergers of multiemployer pension plans in order to implement changes under the Multiemployer Pension Reform Act of 2014 (MPRA).« American Airlines Agrees to Settle Proprietary Funds Lawsuit