Understanding PRT: Fiduciary and Admin Considerations
When transferring pension risk via a full or partial buy-in or buy-out, plan sponsors have a fiduciary obligation to ensure...
Tag: PBGC
Lawmakers Debut Pension Tracker Showing Rescued Plans
Legislation passed last year allows multiemployer plans in danger of becoming insolvent to apply for funds to cover participant benefit...
Compliance News
Legislative and Judicial Actions
The DOL denies general support for private equity; the Supreme Court sends ‘Northwestern’ back to the appeals court; the PBGC...
Another Stressed Union Pension to Get PBGC Support
The plan was projected to run out of money at some point this year, but the special financial assistance from PBGC should prevent this outcome.
PBGC Approves First Special Financial Assistance Funds
A transportation workers’ multiemployer pension plan will receive funds created by the American Rescue Plan Act of 2021 to pay retirement benefits.
Both PBGC Insurance Programs Report Positive Financial Positions
The agency says the net positive position for its multiemployer plan program is thanks to the American Rescue Plan Act (ARPA).
Compliance News
Legislative and Judicial Actions
The SEC returns to cybersecurity enforcement pledge; Form 5500 revisions; revenue-sharing disclosure failures result in SEC action; and more.
PBGC Publishes Q&As About Multiemployer Plan Financial Assistance Applications
The web page addresses how applications submitted before a final rule is published will be affected by any changes PBGC makes.
DOL, IRS and PBGC Call for Comments on Form 5500 Revisions
In addition to asking for input on the SECURE Act’s requirements and the current Form 5500, the DOL has published a notice of proposed changes to its implementation...
Compliance News
Legislative and Judicial Actions
Financial assistance for multiemployer plans; faith-based entities may now benefit from the public student loan forgiveness program; FINRA project examines...
PBGC, IRS Issue Guidance Related to Financial Assistance for Multiemployer Plans
The agencies have filled in the gaps for implementing provisions of the American Rescue Plan Act.
Four Considerations Regarding Union Pension Funding Relief
Signed into law in early March, the American Rescue Plan Act (ARPA) included $1.9 trillion in collective economic relief, much...
Democrats Have Won the Power to Fix Union Pensions
A bipartisan compromise solution to end the multiemployer pension crisis is urgently required, sources agree, and one could finally be...
Union Pension Funding Advocate Urges Immediate Action
Beyond the ethical imperative to address the crisis facing many multiemployer pensions, today’s ultra-low interest rate environment presents an opportunity too good to pass up, one union pension...
PBGC Director Says Legislation Needed to Help Multiemployer Plans
The agency's Fiscal Year (FY) 2020 Annual Report shows its multiemployer insurance program will become insolvent sometime in FY 2026.
2020 Brought Little Progress on Union Pension Funding Crisis
With so many other challenges and debates dominating the halls of the Capitol, it is hard to imagine the union pension funding crisis will be addressed during this...
DOL Releases Updated Versions of Form 5500
The agency has also highlighted important modifications to the form.
PBGC Takes Over J.C. Penney Pension
A purchase agreement allowing the company to emerge from Chapter 11 bankruptcy does not include the pension plan debts or assets, despite its comparatively strong funding position.
Musician Union Pension Clashes with U.S. Treasury
Congress is divided on how to address the union pension funding crisis, which is exemplified by the plight faced by the American Federation of Musicians and Employers’ Pension...
Politics Aside, Union Pension Funding Crisis Remains Solvable
On its face, the multiemployer pension relief included in House Democrats’ fourth relief proposal resembles a plan floated last year by two influential Republican senators—though the devil is...