PBGC Guidance

Pilot Mediation Project Launched

In PBGC Release 17-7, the agency announces the launch of a pilot mediation program to resolve certain termination liability collection and Early Warning Program cases. Document Excerpt WASHINGTON – The Pension Benefit Guaranty Corporation announced a new pilot program to offer mediation in certain Termination Liability Collection and Early Warning Program cases. PBGC’s Pilot Mediation […]

Active Participant Reduction Reportable Event

The PBGC has released a Technical Update providing guidance on the active participant reduction reportable event. Document Excerpt This Technical Update 17-1 provides Pension Benefit Guaranty Corporation (“PBGC”) guidance on compliance with the active participant reduction event requirements of section 4043(c)(3) of the Employee Retirement Income Security Act of 1974 (“ERISA”) and PBGC’s regulation on […]

PBGC Disaster Relief Announcement in the wake of Harvey

PBGC releases Disaster Relief Announcement 17-09 in the wake of hurricane Harvey and its flooding. Document Excerpt Pension Benefit Guaranty Corporation (“PBGC”) is waiving certain penalties and extending certain deadlines in response to severe storms and flooding from Hurricane Harvey that began on August 23, 2017, in Texas. Link https://www.pbgc.gov/prac/other-guidance/dr/dr17-09

PBGC Projections Report

The PBGC’s report on projected solvency is released. It projects that the PBGC’s multiemployer pension plan program will likely run out of money by the end of 2025 while the financial picture for single-employer plans will likely continue to improve. Document Excerpt This year’s projections for PBGC’s multiemployer program show less uncertainty regarding the year […]

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) […]

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