PBGC Guidance

PBGC Finalizes Rules Governing Mergers and Transfer Between Multiemployer Plans

Document Excerpt 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.federalregister.gov/documents/2018/09/14/2018-19988/mergers-and-transfers-between-multiemployer-plans

Updates to PBGC Premium Filing Instructions

Document Excerpt This document provides information for plans paying premiums for plan years beginning in 2018, including instructions for each data element that must be reported. Link https://www.pbgc.gov/sites/default/files/2018-cpf-instructions.pdf

PBGC Announces New Staff Q & A Web Page

Document Excerpt The interpretations presented below reflect the views of the staff of PBGC. They are not rules, regulations, or statements of the Corporation. These positions do not necessarily contain a discussion of all material considerations necessary to reach the conclusions stated, and they are not binding due to their informal nature. Accordingly, these responses […]

PBGC Updates Data Tables

Document Excerpt The Pension Benefit Guaranty Corporation (PBGC) was established by the Employee Retirement Income Security Act of 1974 (ERISA) to ensure that participants in defined benefit pension plans receive their pensions if their plans terminate without sufficient assets to pay promised benefits. The PBGC administers separate insurance programs to protect participants in Single-Employer and […]

Proposed Updated Rule on Terminated and Insolvement Multiemployer Plans

Document Excerpt The Pension Benefit Guaranty Corporation proposes to amend its multiemployer reporting, disclosure, and valuation regulations to reduce the number of actuarial valuations required for smaller plans terminated by mass withdrawal, add a valuation filing requirement and a withdrawal liability reporting requirement for certain terminated plans and insolvent plans, remove certain insolvency notice and […]

PBGC Changes Its Process on Disaster Relief

From now one, relief will be more closely tied to IRS relief. Document Excerpt The Pension Benefit Guaranty Corporation (PBGC) is changing how it announces relief from filing deadlines and penalties when a disaster occurs. Under an Announcement made today, PBGC’s disaster relief will be available at the same time the Internal Revenue Service issues […]

Disaster Relief for Parts of Hawaii

The PBGC announces disaster relief for parts of Hawaii impacted by the recent volcano activity. Document Excerpt The Pension Benefit Guaranty Corporation (“PBGC”) is waiving certain penalties and extending certain deadlines in response to volcanic eruptions and earthquakes that began on May 3, 2018, in Hawaii. Link https://www.pbgc.gov/prac/other-guidance/dr/dr18-06

PBGC Projections Report FY 2017

The PBGC releases its Fiscal Year 2017 projections report. Document Excerpt This year’s projections for PBGC’s Multiemployer Program show a very high likelihood of insolvency during FY 2025 and near certainty of insolvency by the end of FY 2026. Compared to last year’s projections, the risk of insolvency decreases slightly prior to fiscal year 2024 […]

White House Announces Intent to Nominate PBGC Director

The White House has announced its intent to nominate Gordon Hartogensis as director of the PBGC. Document Excerpt Link https://www.whitehouse.gov/presidential-actions/president-donald-j-trump-announces-intent-nominate-personnel-key-administration-posts-43/

Proposed Revisions to Form 715

The PBGC releases proposed changes to Form 715, Power of Attorney for participants receiving payment from the PBGC and request for comments. Document Excerpt The Pension Benefit Guaranty Corporation (PBGC) intends to request that the Office of Management and Budget (OMB) extend approval, with modifications, to a collection of information under the Paperwork Reduction Act. […]

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