PBGC Guidance

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. […]

Spring 2018 Regulatory Agenda

PBGC has released its Spring 2018 Regulatory Agenda. Document Excerpt Link https://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_LIST&currentPubId=201804&showStage=active&agencyCd=1212&Image58.x=47&Image58.y=15

Policy Statement on Alternative Ways on Satisfying Withdrawal Liability

The PBGC issues a policy statement on factors the PBGC considers in reviewing multiemployer plan proposals for alternative terms and conditions to satisfy withdrawal liability. Document Excerpt PBGC is issuing this policy statement to provide insight to the public on the information PBGC finds helpful and factors PBGC considers in reviewing multiemployer plan proposals for […]

Proposed Regulations on Changes to Guaranteed Benefits for Owner-Participants

This proposed rule would amend PBGC’s benefit payment regulation by replacing the guaranteed limitations applicable to substantial owners with a new limit applicable to majority owners. In addition, the proposed rule would amend the asset allocation regulation by prioritizing funding of all other benefits in priority category 4 ahead of those benefits that would be […]

Notice of Modified Systems of Records

PBGC releases proposed rules on changes to the system of records notices to: amend a general routine use, rescind a duplicative system, establish a new system of records for collection of data from the agency website and other proposed changes. Document Excerpt Pursuant to the Privacy Act of 1974, the Pension Benefit Guaranty Corporation (PBGC) […]

Missing Participant Program Final Rule

The PBGC has released its final rule governing its expanded Missing Participant program. Document Excerpt SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) administers a program to hold retirement benefits for missing participants and beneficiaries in terminated retirement plans and to help those participants and beneficiaries find and receive the benefits being held for them. The […]

Allocation of Assets in Single-Employer Plans: Valuation of Benefits and Assets

This regulation amends existing PBGC regulations on Allocation of Assets in Single-Employer Plans by substituting a new table for determining expected retirement ages for participants in plans in distress or involuntary termination with valuation dates falling in 2018. Document Excerpt Link https://www.federalregister.gov/documents/2017/12/20/2017-27361/allocation-of-assets-in-single-employer-plans-valuation-of-benefits-and-assets-expected-retirement

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