Employee Retirement Income Security Act Pension Benefit Guaranty Corporation

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.... more +
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.  less -
News & Analysis as of

Sixth Circuit Court of Appeals Upholds PBGC Determination Disallowing Post-Termination Plan Amendment

In PBGC v. Kentucky Bancshares, Inc. (6th Cir. 2015, No. 14-5573, unpublished), the U.S. Court of Appeals for the Sixth Circuit upheld a PBGC determination that Kentucky Bancshares violated applicable rules and regulations...more

PBGC Moratorium on Enforcement of 4062(e) Ends

The PBGC has announced that it will not continue its moratorium on enforcing ERISA section 4062(e) events. This announcement comes following the changes to section 4062(e) that were made under the Multiemployer Pension Reform...more

DOL Issues Final Rules for Annual Funding Notice Requirements and Addresses Extended Pension Smoothing Law’s Impact on Annual...

The U.S. Department of Labor (DOL) issued final rules for the annual funding notice requirements of section 101(f) of ERISA. Plan administrators of defined benefit pension plans that are subject to the PBGC’s insurance...more

New Plant Shutdown Rules for Defined Benefit Retirement Plans

The 2015 omnibus appropriations bill (the "Omnibus Bill"), signed by President Obama on December 16, 2014, made significant changes to the "substantial cessation of operations" rules (also known as the "plant shutdown" rules)...more

Defined Benefit Plan Sponsors Beware – Potential Liability Related to Facility Closings and Sales of Business Units

ERISA Section 4062(e) provides for potential employer liability when an employer ceases operations at a facility, resulting in a set percentage of a defined benefit pension plan’s participants being terminated. However, this...more

Monthly Benefits Update - January 2015

U.S. Supreme Court Invalidates Yard-Man Presumption for Collectively-Bargained Retiree Health Benefits - The U.S. Supreme Court ruled in M&G Polymers USA, LLC v. Tackett, 574 U.S. ____ (2015) that ordinary principles...more

ERISA Section 4062(e) Significantly Reformed Effective December 16, 2014

On December 16, 2014, President Obama signed into law the Consolidated and Further Continuing Appropriations Act, which contains provisions that significantly reform ERISA Section 4062(e). The new law is meant to ensure that...more

The battle over 4062(e) 'facility closure' liability

Employers who sponsor defined benefit plans, or who are involved in a corporate transaction involving defined benefit plans, should be aware of developments in Washington concerning Section 4062(e) of ERISA. The Pension...more

PBGC Wants Reporting on Lump-Sum Pension Cash-Outs and Annuity Purchases

With pension buyouts continuing apace, the Pension Benefit Guaranty Corporation (PBGC) has asked the Office of Management and Budget (OMB) for approval to modify the PBGC’s 2015 premium payment forms to require reporting of...more

Year-End Legislation Important for Employers

The 2015 Cromnibus and the Tax Increase Prevention Act of 2014 solve some problems and raise others. On December 16, 2014, U.S. President Barack Obama signed the Consolidated and Further Continuing Appropriations Act...more

Congress Makes It Possible to Reduce Some Union Pensions

As a part of the Consolidated and Further Continuing Appropriations Act, 2015, passed by Congress and signed by the President on December 18, 2014, the 161-page "Multiemployer Pension Reform Act of 2014" (Act) gives the...more

“Cromnibus Act” Changes for Multiemployer and Single-Employer Defined Benefit Pension Plans

The Consolidated and Further Continuing Appropriations Act, 2015 (the so-called “Cromnibus Act”), enacted into law last week, is not just a $1.1 trillion spending bill that keeps most of the federal government open through...more

PBGC Issues Final Regulations Regarding Rollovers from Defined Contribution Plans to Pension Plans

The PBGC has recently initiated efforts to enhance retirement security for Americans by promoting lifetime income options (i.e., annuitized benefits). As part of these efforts, as well as those of the IRS and U.S. Department...more

PBGC Issues Enforcement Moratorium on 4062(e) Cases through End of 2014

In response to plan sponsor concerns, the Pension Benefit Guaranty Corporation (PBGC) announced a moratorium on the enforcement of ERISA Section 4062(e) cases through the end of 2014....more

PBGC Coverage May No Longer Apply to Puerto Rico-Only Qualified Retirement Plans

Employers that sponsor defined benefit qualified retirement plans benefiting only Puerto Rico employees should be aware that Pension Benefit Guaranty Corporation (PBGC) coverage may no longer apply. Last year, the PBGC...more

PBGC Announces 2014 Moratorium on ERISA Section 4062(e) Enforcement Actions

On July 8, 2014, the Pension Benefit Guaranty Corporation (PBGC) issued a press release announcing a moratorium on its enforcement of Employee Retirement Income Security Act of 1974(ERISA) Section 4062(e) through the end of...more

Year-End Health and Retirement Plan Guidance Grab Bag

Following Hawaii’s enactment of legislation recognizing same-sex marriage as of and after December 2, 2013 a number of additional pieces of guidance were also issued. Internal Revenue Service’s Frequently Asked Questions...more

Long Arm of ERISA Tags Non-US Parent Company With Pension Liabilities of Its US Subsidiary

A non-United States entity seeking to acquire a United States entity should be aware that the acquisition may expose the non-US entity to any pension plan termination and withdrawal liabilities of the US target entity in...more

The PBGC Not Entitled to Administrative Deference for Involuntary Plan Termination

As we previously noted, the PBGC filed a complaint (E.D. Pa. Case No. 13-02069) to involuntarily terminate a defined benefit plan prior to a corporate transaction that would change the plan sponsor’s controlled group. The...more

Private Equity Fund May Be “Trade or Business” Under ERISA

First Circuit holds that an investment fund may be responsible for controlled group pension liabilities of portfolio companies. On July 24, the U.S. Court of Appeals for the First Circuit issued a significant decision...more

Is the First Circuit Egregiously Aggregating? Sun Capital Partners Case Holds That a Private Equity Fund Could Have ERISA...

The recent decision by the U.S. Court of Appeals for the First Circuit in the Sun Capital Partners case may be of concern to private equity funds and other investment funds that acquire or invest in portfolio companies with...more

Appeals Court Reverses ERISA “Trade or Business” Ruling Favoring Private Equity Funds; Creates Uncertainty on Controlled Group...

In our November 9, 2012, client alert, we examined an apparent victory for private equity firms resulting from the District Court of Massachusetts decision that held that two related private equity funds were not liable on a...more

Benefit Issues in Puerto Rico: Impact of the ACA, ERISA and the PBGC

This article highlights some recent developments that employers with Puerto Rico employee benefits arrangements should consider concerning compliance with U.S. federal laws on health care reform and the Patient Protection and...more

PBGC Releases Revised Proposed Regulations Addressing Reportable Event Requirements under ERISA

Section 4043 of the Employee Retirement Income Security Act of 1974 (ERISA) requires pension plan sponsors to report a variety of corporate and plan events to the Pension Benefit Guaranty Corporation (PBGC). In November...more

Changes Afoot for ERISA “Reportable Event” Rules

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

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