News & Analysis as of

Employee Retirement Income Security Act (ERISA) Pension Benefit Guaranty Corporation Pensions

Bricker Graydon LLP

Pension Risk Transfer Considerations and Recent Litigation - A Case of Imprudent “Passing the Buck” or Sound Risk Management?

Bricker Graydon LLP on

Over the last several years, numerous large pension plan sponsors have transferred billions of dollars in financial risk related to their pension plan benefit obligations to insurance companies through the purchase of group...more

McDermott Will & Emery

Better Than a Snow Day: The PBGC Provides One-Time Section 4010 Reporting Waiver

McDermott Will & Emery on

Acknowledging uncommon market conditions, the Pension Benefit Guaranty Corporation (PBGC) announced Technical Update Number 23-1 (the Update), which provides a one-time waiver of certain reporting requirements for some...more

Proskauer - Employee Benefits & Executive...

PBGC Provides One-Time 4010 Filing Waiver for Certain Employers

ERISA Section 4010 requires a contributing sponsor of certain single-employer pension plans, as well as the sponsor’s controlled group members, to provide controlled group, financial, and actuarial information to the PBGC...more

Groom Law Group, Chartered

PBGC Update: 4010 Reporting Waivers & Benefit Payment Regulations

The Pension Benefit Guaranty Corporation (“PBGC”) recently issued Technical Update Number 23-1 to provide for certain underfunded pension plans a limited waiver from the reporting requirements under ERISA section 4010 due to...more

Faegre Drinker Biddle & Reath LLP

Final Changes Announced to Forms 5500 and 5500-SF

The Department of Labor (DOL) announced that it has finalized, together with the Internal Revenue Service (IRS) and Pension Benefit Guarantee Corporation (PBGC), the third and final round of revisions to the Form 5500 Annual...more

Groom Law Group, Chartered

PBGC Issues Proposed Regulation for Multiemployer Plan Withdrawal Liability Assumptions

On October 14, 2022 the Pension Benefit Guaranty Corporation (“PBGC”) published a proposed regulation regarding the interest rates that multiemployer pension plan actuaries use when calculating the present value of plans’...more

Seyfarth Shaw LLP

PBGC Addresses Withdrawal Liability Assumptions For First Time In New Proposed Rule

Seyfarth Shaw LLP on

Seyfarth Synopsis: On October 14, 2022, the Pension Benefit Guaranty Corporation (“PBGC”) published its proposed rule under ERISA Section 4213 (the “Proposed Rule”), which sets forth for the first time the agency’s guidance...more

Fox Rothschild LLP

PBGC Proposes Rule Change for Withdrawal Liability Discount Rates

Fox Rothschild LLP on

In an apparent effort to resolve uncertainty caused by court rulings, the Pension Benefit Guaranty Corporation has proposed that actuaries of multiemployer pension plans should be allowed to use any interest rate for...more

Jackson Lewis P.C.

More Bad News For Employers In The PBGC Final Rule

Jackson Lewis P.C. on

The recently published final regulation implementing last year’s massive multiemployer pension plan bailout contains a very thin silver lining, but overall, more bad news for already overburdened employers....more

Littler

PBGC Institutes Major Changes in its Special Financial Assistance Final Rule

Littler on

On July 7, 2022, the Pension Benefit Guaranty Corporation (PBGC), the independent federal corporation that insures private-sector defined benefit plans under Title IV of the Employee Retirement Income Security Act of 1974...more

Fox Rothschild LLP

Federal Appellate Ruling on the Segal Blend May Change Calculation of Pension Fund Withdrawal Liability

Fox Rothschild LLP on

In a highly anticipated and thorough opinion, the 6th Circuit Court of Appeals concluded that use of the Segal Blend by a multiemployer pension plan (MEPP) in calculating an employer’s withdrawal liability violated ERISA. ...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Sixth Circuit Rules Interest Rate Methodology Selected by Plan Actuary in Withdrawal Liability Calculation Violates ERISA

In a rare victory for employers that participate in multiemployer pension plans, the Sixth Circuit Court of Appeals held that the interest rate memorialized in the Segal Blend actuarial assumption was inappropriate to use in...more

Epstein Becker & Green

Financial Assistance to Troubled Multiemployer Pension Plans: Initial ARPA Regulation

As we previously reported, the American Rescue Plan Act of 2021 (ARPA) was signed into law on March 11, 2021, requiring, among other things, the Pension Benefit Guaranty Corporation (PBGC) to issue its implementing...more

Fox Rothschild LLP

Withdrawal Liability Concerns For Employers To Multiemployer Pension Plans That Receive Special Financial Assistance

Fox Rothschild LLP on

The American Rescue Plan Act of 2021 (ARPA) provides “special financial assistance” (SFA) for certain troubled multiemployer defined benefit pension plans (MEPPs). Although ARPA outlined the big picture of how these troubled...more

Morgan Lewis

Troubled Multiemployer Pension Plans: PBGC Issues Regulation on ARPA Special Financial Assistance

Morgan Lewis on

The Pension Benefit Guaranty Corporation has issued an interim final rule implementing the special financial assistance provisions of the American Rescue Plan Act to assist financially troubled multiemployer pension plans....more

Proskauer Rose LLP

PBGC Issues Guidance on New Special Financial Assistance Program for Troubled Multiemployer Pension Plans

Proskauer Rose LLP on

As we previously reported, the American Rescue Plan Act of 2021 (“ARPA”) created a special financial assistance program that is administered by the Pension Benefit Guaranty Corporation (“PBGC”) and intended to extend the...more

Faegre Drinker Biddle & Reath LLP

PBGC Issues Interim Regulations on Special Financial Assistance for Multiemployer Pension Plans

Multiemployer pension plans are collectively bargained defined-benefit employee benefit plans that are funded by several unrelated employers for the benefit of unionized employees. In recent years, the crisis of significantly...more

Akin Gump Strauss Hauer & Feld LLP

Pension Reform Forces Employers to Consider Their Future Participation in Multiemployer Plans

Many employers in the retail, construction, service, entertainment, manufacturing and transportation industries contribute to multiemployer defined benefit pension plans (MEPs) on behalf of their unionized employees. A large...more

Groom Law Group, Chartered

A Review of the Single-Employer Funding Provisions Under the American Rescue Plan Act

On March 11, 2021, President Biden signed into law the American Rescue Plan Act (Pub. Law 117-2, the “Act” or “ARPA”). The Act, among other things, provides significant funding relief for single-employer defined benefit...more

Proskauer - Employee Benefits & Executive...

DOL Releases Guidance on addressing the Missing Participant Problem

The problem of “missing” participants and beneficiaries (individuals for whom the plan administrator does not have adequate contact information) is an ongoing issue for retirement plan administrators. It is also an area to...more

Groom Law Group, Chartered

PBGC Finalizes Rules for Simplified Withdrawal Liability Calculations

On January 7, 2021, the Pension Benefit Guaranty Corporation (“PBGC”) issued final regulations updating its guidance under sections 4211 and 4219 of the Employee Retirement Income Security Act of 1974 (“ERISA”), which govern...more

Faegre Drinker Biddle & Reath LLP

PBGC Publishes Final Rule Allowing Simplified Withdrawal Liability Calculations Applicable to Benefit Reductions, Benefit...

On Friday January 8, the Pension Benefit Guaranty Corporation (PBGC) published a final rule that provides multiemployer pension plans with additional methods to help calculate employer withdrawal liability. The rule includes...more

Eversheds Sutherland (US) LLP

Lost and found: DOL issues guidance relating to missing participants

On January 12, 2021, the Department of Labor (DOL) released a triple shot of guidance related to helping retirement plan fiduciaries meet their obligations under the Employee Retirement Income Security Act (ERISA) to...more

Jackson Lewis P.C.

Manufacturers And Multiemployer Pensions — The Importance Of Monitoring Withdrawal Liability

Jackson Lewis P.C. on

Approximately a quarter of the workforce covered by a traditional pension plan is in a multiemployer plan, according to the U.S. Bureau of Labor Statistics. Many manufacturers that participate in such plans are unaware their...more

McDermott Will & Emery

Updated PBGC Guidance for Defined Benefit Plans

McDermott Will & Emery on

Earlier this year, the US Pension Benefit Guaranty Corporation (PBGC) issued a final rule, modifying PBGC regulations that apply to defined benefit pension plans. Among those changes were revisions to: (i) the reportable...more

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