PBGC Guidance

Qs and As on Risk Mitigation and Early Warning Program

The PBGC releases a series of Questions and Answers on its Risk Mitigation and Early Warning Program. Document Excerpt As part of posting our updated Risk Migration & Early Warning Program information, we asked stakeholders for feedback. Below are some Questions and Answers for the most common questions and comments we received. Link https://www.pbgc.gov/prac/risk-migration-q-and-a

PBGC Penalties Updated

The PBGC announces updates to its civil penalties. Document Excerpt The Pension Benefit Guaranty Corporation is required to amend its regulations annually to adjust the penalties provided for in sections 4071 and 4302 of the Employee Retirement Income Security Act of 1974. This action is being taken in accordance with the Federal Civil Penalties Inflation […]

ABA Committee Q & A Session with PBGC

The American Bar Association Joint Committee on Employee Benefits releases its annual Q & A session with the PBGC. Document Excerpt The following questions and answers are based on informal discussions between private-sector representatives of the JCEB and PBGC staff members. The questions were submitted by ABA members in advance to the agency and the […]

Allocation of Assets; Interest Assumptions for Valuing Benefits

The PBGC releases updated guidance on the applicable interest rate to be used to value benefits in a single employer plan under Section 4044 for the first quarter of 2017. Document Excerpt This final rule amends the Pension Benefit Guaranty Corporation’s regulation on Allocation of Assets in Single-Employer Plans to prescribe interest assumptions under the […]

PBGC Guarantee Limit

The PBGC has announced higher guaranteed benefit limits for 2017. Document Excerpt WASHINGTON – The Pension Benefit Guaranty Corporation announced today that the guarantee limit for single-employer plans that fail in 2017 will be higher than the limit that applied for 2015 and 2016. Link http://www.pbgc.gov/news/press/releases/pr16-16.html

PBGC Announces 2017 Premium Rates

The PBGC has announced premium rates for 2017. Document Excerpt The per-participant flat premium rate for plan years beginning in 2017 is $69 for single-employer plans (up from a 2016 rate of $64) and $28 for multiemployer plans (up from a 2016 rate of $27). For plan years beginning in 2017, the variable-rate premium (VRP) […]

Disaster Relief for Parts of North Carolina

The PBGC has announced disaster relief for those affected by Hurricane Mathew in North Carolina. Document Excerpt The disaster area consists of Beaufort, Bladen, Columbus, Cumberland, Edgecombe, Hoke, Lenoir, Nash, Pitt, and Robeson Counties. Link http://www.pbgc.gov/prac/other-guidance/dr/dr16-12.html

FAQs on Proposed Expanded Missing Participant Program

The PBGC released Frequently Asked Questions regarding its proposed expansion of the Missing Participant program. Document Excerpt Under PBGC’s proposal, the Program would expand to cover missing participants in terminated defined contribution plans (such as 401(k) plans and profit-sharing plans). Instead of establishing an IRA at a financial institution for each missing participant account, plans […]

Draft Forms For Proposed Expanded Missing Participants Program

Simultaneously with the release of its proposed regulations to expand the missing participant program, the PBGC also released draft forms. Document Excerpt On September 20, 2016, PBGC issued a proposed rule that would expand its existing Missing Participants Program to cover terminated 401(k) and other defined contribution plans and certain defined benefit plans that are […]

Proposed Regulations Extending PBGC Missing Participant Program

Among other expansions, the proposed regulations would expand the program to cover most defined contribution plans. Document Excerpt This proposed rule is needed to implement amendments to section 4050 of ERISA. Those amendments require PBGC to establish rules to handle the benefits of missing participants and beneficiaries under terminated multiemployer plans covered by title IV […]

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