PBGC Guidance

Proposed Submission for OMB Review and Comment for 5500

Document Excerpt The Pension Benefit Guaranty Corporation (PBGC) intends to request that the Office of Management and Budget (OMB) extend approval (with modifications), under the Paperwork Reduction Act of 1995, of its collection of information for Annual Reporting under OMB control number 1212-0057, which expires on January 31, 2022. This notice informs the public of […]

PBGC Annual Projections Report

Document Excerpt The Pension Benefit Guaranty Corporation (PBGC) insures pension participants against loss of some or all of their pension benefit when a private sector pension plan fails. PBGC operates two separate insurance programs, one for Single-Employer and one for Multiemployer defined benefit pension plans. The amount of benefits guaranteed, the point at which the […]

PBGC Request for OMB Approval of New Cessation of Operations Reporting Form

Document Excerpt The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) approve, under the Paperwork Reduction Act, a collection of information that is necessary to fulfill various reporting obligations following a cessation of operations at a facility. Link https://www.federalregister.gov/documents/2019/07/25/2019-15763/submission-of-information-collection-for-omb-review-comment-request-notices-under-section-4062e-of

PBGC Clarifies Merger and Transfer Among Multiemployer Plan Guidance

Document Excerpt SUMMARY: PBGC is issuing a final rule amending its regulation on Mergers and Transfers Between Multiemployer Plans to implement procedures and information requirements for a request for a facilitated merger. This final rule also reorganizes and updates provisions in the existing regulation. Link https://www.govinfo.gov/content/pkg/FR-2018-09-14/pdf/2018-19988.pdf

PBGC Adds Webpage to Publish Participant Notices

Document Excerpt At times, PBGC places ads in local and national newspapers to inform participants that the agency is taking responsibility for their plan. When this happens, PBGC pays all earned benefits up to the limits set by law. PBGC takes this action when the plan doesn’t have enough money to pay all promised benefits […]

PBGC Interim Privacy Rule

Document Excerpt SUMMARY: The Pension Benefit Guaranty Corporation is amending its Privacy Act regulation to exempt a system of records that supports a program of insider threat detection and data loss prevention. Link https://www.federalregister.gov/documents/2019/07/09/2019-14604/privacy-act-regulation-exemption-for-insider-threat-program-records

Proposed Rule to Miscellaneous Corrections, Clarifications of Regulations

Document Excerpt SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is making miscellaneous technical corrections, clarifications, and improvements to its regulations on Reportable Events and Certain Other Notification Requirements, Annual Financial and Actuarial Information Reporting, Termination of Single-Employer Plans, and Premium Rates. These changes are a result of PBGC’s ongoing retrospective review of the effectiveness and […]

PBGC to make Changes and Corrections to Various Regulations

Document Excerpt Miscellaneous Corrections, Clarifications, and Improvements Proposed Rule: PBGC is proposing to make clarifications, corrections and improvements to four of its regulations. The proposed rule would amend: Reportable Events – eliminate possible duplicative reporting of active participant reductions, clarify when a liquidation occurs, and provide additional examples for certain events; Financial and Actuarial Information Reporting […]

PBGC Regulatory Agenda, Spring 2019

Document Excerpt Link https://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_LIST&currentPub=true&agencyCode=&showStage=active&agencyCd=1212&Image58.x=31&Image58.y=8

PBGC Updates Reportable Events & Large Unpaid Contributions Page

Document Excerpt Section 4043 of ERISA requires that plan administrators and sponsors notify PBGC of the occurrence of certain events that may signal problems with a pension plan or business. PBGC’s regulation on reportable events and large cumulative funding underpayments describes the events and notice requirements in detail (see 29 CFR Part 4043). In most […]

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