19 07, 2021

PBGC multiemployer rule gets mixed reviews

2021-07-19T09:10:25-07:00July 19th, 2021|Categories: PBGC|Tags: , |

By: Hazel Bradford Source: Pensions & Investments The Pension Benefit Guaranty Corp.'s interim final rule about how underfunded multiemployer plans can get special financial assistance is getting mixed reviews. The assistance was part of the American Rescue Plan Act of 2021 enacted in March and provides an estimated $94 billion in federal assistance grants for the most at-risk plans to pay benefits, if it will help them survive for 30 years. The interim final rule, issued July 9, provides [...]

17 06, 2021

PBGC ‘To-Do’ List: Work on Benefits, Penalties and More

2021-06-17T16:55:39-07:00June 17th, 2021|Categories: PBGC|Tags: |

By John Iekel Source: ASPPA The Pension Benefit Guaranty Corporation (PBGC) in its spring regulatory agenda enumerates a variety of proposals and actions close to implementation that will address benefits payments, assistance, valuation assessments, penalties and more. Proposals The following proposed rules are on the PBGC’s radar screen. Valuation Assumptions and Methods. The PBGC proposes a rule on valuation assumptions and methods concerning interest and mortality assumptions for asset allocation in single-employer plans, and concerning mass withdrawal liability determination [...]

17 09, 2020

Multiemployer plans get tiny reprieve in latest PBGC report

2020-09-17T08:52:49-07:00September 17th, 2020|Categories: PBGC|Tags: |

The Pension Benefit Guaranty Corp.'s single-employer program will remain in the black over the next decade, while the multiemployer program could gain another year or two before insolvency, according the agency's latest projections report released Monday. The report for fiscal year 2019 provides 10-year projections ended Sept. 30, under a range of financial scenarios. As of Sept. 30, 2019, the single-employer program had $46.3 billion in assets, while the multiemployer program had a deficit of $82.3 billion. Last year's [...]

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