PBGC Programs in Very Different Positions
The single-employer program is improving, but Director Gordon Hartogensis says it’s clear legislative help is needed for the multiemployer program.
Tag: PBGC
DOL Reveals Changes to 2020 Form 5500
Modifications include updates in response to the SECURE Act.
IRS Modifies CARES Act Due Date for DB Plan Contributions
The extended due date for contributions could help plan sponsors reduce PBGC variable rate premiums.
J.C. Penney Pension Plan Taken Over by PBGC
The company recently entered an asset purchase agreement designed to allow it to emerge from Chapter 11 bankruptcy, but the...
PBGC Premiums Getting in the Way of Its Mission
Letting the agency set its own premiums and basing them more on risk would encourage the offering and maintenance of...
Trump Administration to Look at Pensions Transferred to PBGC
A memorandum issued by the president first orders three departments to review the situation for Delphi retirees, then orders a...
PBGC Reports Effect of Pension Risk Transfers on Its Premium Income
The agency could see a premium income loss of $196 million for the 2019 premium payment year, but certain trade-offs...
PBGC to Pay Pension Benefits for McClatchy Workers and Retirees
The agency estimates that McClatchy’s plan is 57% funded with approximately $1.3 billion in assets and $2.3 billion in benefit...
Delphi Retirees Lose Bid to Have Pension Takeover by PBGC Reversed
A federal appellate court found that court adjudication is not required for PBGC to terminate a plan and that retirees...
Musician Union Pension Benefit Cut Likely to Be Denied
The financial hardship faced by the American Federation of Musicians and Employers’ Pension Fund is characteristic of a broader problem—one...
Partitions May Be the Union Pension Funding Crisis Solution
There is bipartisan support building around the idea of allowing the most stressed union pensions to enact “partitions” in order...
PBGC Extends Certain Premium Payment and Filing Deadlines
The action is in response to an IRS extension of some retirement plans’ Form 5500 filing deadlines.
DOL, PBGC Announce Searchable Guidance Databases
Each database contains, or links to, all the agency’s guidance documents and provides certain information about them.
First Facilitated Merger of Multiemployer Plans Approved by PBGC
Under the Multiemployer Pension Reform Act, if one or more of the plans in the merger is in critical and...
PBGC Issues Premium Filing Instructions for 2020 Plan Years
Premiums have gone up, and the agency says it has simplified reporting requirements for risk transfer activities.
Information Copies of 2019 Form 5500 Published by DOL
Among other notable changes, the Form 5500’s Line 23 has been revised to eliminate mortality table options that are not...
PBGC Proposes New Methods for Counting Inactive Multiemployer Plan Participants
The PBGC anticipates that providing plans with three available counting methods will allow each plan to choose the one that...
PBGC to Assume Responsibility of Health System’s Retirement Plans
This protection by the PBGC is one reason for a string of lawsuits that challenge other nonprofit healthcare systems’ retirement...
Legislation to Help Multiemployer Plans Reintroduced
The bill would funnel money to the PBGC from imposed fees on financial companies seeking a DOL exemption in order...
PBGC Announces Premium Rates for 2020
The agency notes that there are no scheduled increases (other than indexing) for years after 2019.