Employee Retirement Income Security Act › PBGC

Employee Retirement Income Security Act is a United States federal law enacted in 1974 to set minimum standards for pension and health plans in the private sector and to protect participants in those plans. ERISA requires plans to provide information to participants, establishes a grievance process, and allows participants to sue for benefits or breach of fiduciary duties.

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News & Analysis as of May 21, 2013

Common Employment Law Mistakes for Small, Start-Up and Growing Companies

Changes Afoot for ERISA “Reportable Event” Rules

by Mark Hamilton, Kellie Thomas | White & Case LLP on 5/10/2013

As many as 90% of pension plans and pension plan sponsors may soon have fewer “reportable events” to track and report to the Pension Benefit Guaranty Corporation (the “PBGC”), if certain proposed changes to the PBGC...more

District Court Limits the Collection of Withdrawal Liability Against Private Equity Funds

by Anthony Cacace, Neal Schelberg | Proskauer - ERISA Practice Center on 5/9/2013

In Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund, 2012 WL 5197117 (D. Mass. Oct. 18, 2012), a federal district court in Massachusetts concluded that a private equity fund was not a...more

PBGC Releases 4062(e) Enforcement Guidelines

by Justin Alex | Proskauer - ERISA Practice Center on 5/3/2013

ERISA section 4062(e) addresses situations in which an employer ceases operations at a facility in any location and, as a result, separates more than 20% of its employees who participate in the employer’s defined benefit...more

PBGC Issues Proposed Rule on Reportable Events

by Lori Atkin, Jenny C. Baker, Kelly Bley, Kerry Halpern, John LeBlond, John D. Martini, Cory A. Thomas | Reed Smith on 5/1/2013

On April 3, 2013, the Pension Benefit Guaranty Corporation ("PBGC") issued a proposed rule amending its existing reportable events rule that it expects will exempt more than 90 percent of pension plans and sponsors from many...more

Monthly Benefits Update - April 2013

by Andrew Malahowski | Franczek Radelet P.C. on 5/1/2013

Health Care Reform: Guidance on Required Future Modifications to SBC, Other Issues - The Internal Revenue Service (IRS), Department of Labor (DOL), and Department of Health and Human Services (HHS) issued new guidance...more

PBGC Withdraws Two Territorial Coverage Opinion Letters Impacting Puerto Rican Plans

by Justin Alex | Proskauer - ERISA Practice Center on 4/26/2013

The status of PBGC coverage for Puerto Rico defined benefit plans is one that has been the subject of review and analysis by the PBGC for quite some time. Most recently, on April 19, 2013, the PBGC withdrew two older opinion...more

PBGC Proposes New Regulations Under Reportable Events Rule

by Lisa H. Barton, Brian J. Dougherty, R. Randall Tracht | Morgan Lewis on 4/12/2013

New rules signal relief for financially sound plans and plan sponsors and are consistent with PBGC's section 4062(e) enforcement policy for "plant shutdown" liability....more

Proposed Regulations May Affect Default Risk for Borrowers with Pension Plans

by Mark Jones, Matthew Ryan | Pillsbury Winthrop Shaw Pittman LLP on 4/12/2013

The Pension Benefit Guaranty Corporation (PBGC) has proposed regulatory safe harbors waiving the obligation of financially sound defined benefit pension plans and the companies that maintain them from the duty to report...more

District Court Declines to Hold Private Equity Funds Liable for Portfolio Company Withdrawal Liability

by King & Spalding on 2/5/2013

In Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund, a U.S. district court in Massachusetts held that investment funds managed by private equity firm Sun Capital Advisors, Inc. (“Sun...more

EBSA Updates Delinquent Filer Voluntary Compliance Program

by Eric Penkert, Jason A. Rothman | Ogletree, Deakins, Nash, Smoak & Stewart,... on 2/1/2013

On January 28, 2013, the Employee Benefits Security Administration (EBSA), an agency of the U.S. Department of Labor (DOL), announced updates to its Delinquent Filer Voluntary Compliance (DFVC) Program. ...more

Investment Funds Not Liable for Portfolio Company's Underfunded Pension Liability under Federal Court Ruling

by Proskauer Rose LLP on 12/4/2012

On October 18, 2012, the U.S. District Court for the District of Massachusetts ruled that two private equity investment funds managed by Sun Capital Partners, Inc. were not liable for their bankrupt portfolio company's...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Executive Compensation and Benefits Alert: Decision Clarifies That PE Funds Are Not Subject to 'Controlled Group' Liability"

by Stuart N. Alperin, Michael R. Bergmann, Peter C. Krupp, Neil M. Leff, Ron E. Meisler, Alessandra K. Murata, Regina Olshan, David C. Olstein, Erica Schohn, Joseph M. Yaffe | Skadden, Arps, Slate, Meagher & Flom LLP on 11/28/2012

Private equity funds (PE funds) and their advisors long have been concerned that a fund (or its other portfolio companies) may be liable for unfunded pension plan liabilities of one of its portfolio companies. However, in a...more

Limiting Private Equity Fund Exposure to the ERISA Obligations of Portfolio Companies

by Peter J. Hunt, Susan P. Serota | Pillsbury Winthrop Shaw Pittman LLP on 11/26/2012

In welcome news for private equity (“PE”) funds, a recent district court opinion determined that two PE funds and their bankrupt portfolio company were not a “controlled group” and thus the PE funds were not responsible for...more

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