Pension Benefit Guaranty Corporation

News & Analysis as of

Employee Benefits Provisions of the Bipartisan Budget Act of 2015

The Bipartisan Budget Act includes the following important employee-benefit related provisions: - It repeals the automatic enrollment mandate of the Affordable Care Act. Under the ACA, employers with more than 200...more

Bipartisan Budget Act Extends MAP-21 Pension Funding Relief and Increases PBGC Premiums

On Monday, November 1, 2015, President Obama signed into law the Bipartisan Budget Act of 2015 (the “BBA”) which brings familiar changes for sponsors of defined benefit pension plans. Similar to the Moving Ahead for Progress...more

Bipartisan Budget Deal Includes Provisions Impacting Employers

On Monday, President Obama signed into law a two-year bipartisan budget deal that has several implications for employers. The Bipartisan Budget Act of 2015 (H.R. 1314) suspends the debt ceiling limit until March 2017, and...more

Employee Benefits Developments - October 2015

The Internal Revenue Service (IRS), consistent with prior regulations from the Department of Health and Human Resources (HHS), issued supplemental proposed regulations requiring employer sponsored health plans to provide...more

Final Regulations Will Affect Default Risk for Borrowers with Pension Plans

The Pension Benefit Guaranty Corporation (the PBGC) has adopted final regulations relieving certain sponsors of defined benefit pension plans from the obligation to report certain events that signal an increase in the plan’s...more

Form 5500 Deadline is Quickly Approaching

As a reminder, the annual Form 5500 deadline is quickly approaching. Calendar year employee benefit plans that applied for an extension must file Forms 5500 by Thursday, October 15, 2015. The Form 5500 Annual...more

Central States Pension Fund Submits ‘Rescue Plan’ Seeking Approval to Reduce Benefits

On September 25, the Central States Pension Fund (one of the largest multiemployer/union pension funds in the country) submitted to the U.S. Department of Treasury a proposed “rescue plan,” which would allow the fund to...more

Central States Pension Fund Submits Plan for Reducing Benefits

On Sept. 25, 2015, the Central States, Southeast and Southwest Areas Pension Plan (Central States), submitted to the Department of the Treasury a plan for reducing benefits under the Multiemployer Pension Reform Act of 2014...more

Employee Benefits Developments - September 2015

IRS Issues New Draft Form 1095-C and Instructions. On August 6, 2015, the IRS published its most recent updates to Form 1095-C and the instructions for Forms 1094-C and 1095-C. Beginning in early 2016, applicable large...more

PBGC Report Shows Modest Improvements in Agency’s Long-Term Solvency

The Pension Benefit Guaranty Corporation (PBGC) recently released its annual projections report showing that its insurance programs, which back both multiemployer pension plans and single-employer pension plans, have...more

Pension Benefit Guaranty Corporation Issues Final Regulations on Reportable Events

Earlier this month, the Pension Benefit Guaranty Corporation (PBGC) issued final regulations on reportable events under ERISA in connection with defined benefit pension plans and their sponsors (the Final Regulations). The...more

Guidance Prompts Changes to PBGC Reportable Event Rules and Electronic Filing Requirements for Multiemployer Plans

The Pension Benefit Guaranty Corporation (PBGC) recently issued two important pieces of guidance that change certain of the PBGC’s notice requirements for both single-employer and multiemployer pension plans....more

PBGC Proposes Changes to Plan Reporting Requirements

Section 4010 of ERISA requires reporting to the Pension Benefit Guaranty Corporation (PBGC) of actuarial and financial information by plan sponsors of certain underfunded single-employer defined benefit pension plans. The...more

Extending Form 5500 Deadlines

On July 31, 2015, President Obama signed the "Surface Transportation and Veterans Health Care Choice Improvement Act of 2015" (P.L. 114-41) (the "Act"). The Act primarily served to extend the Highway Trust Fund and various...more

Employee Benefits Alert - August 2015

Retirement Plans - IRS Issues Guidance on Benefit Suspension Voting under MPRA - As we have written in prior alerts, the Multiemployer Pension Reform Act of 2014 (MPRA) permits trustees of financially troubled...more

IRS Issues Guidance on Participant Voting Requirement for Benefit Suspensions under MPRA

Earlier this week, the Internal Revenue Service (IRS) issued proposed and temporary regulations (collectively, the Guidance) under the Multiemployer Pension Reform Act of 2014 (MPRA). As discussed in an earlier WorkCite...more

September and October 2015 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties. To avoid such...more

Recent IRS Guidance Prohibits Lump-Sum Windows for Pension Retirees, Updates Pension Mortality Tables for 2016

The Internal Revenue Service (IRS) recently issued two significant notices for employers that sponsor defined benefit pension plans, particularly those considering lump-sum windows as a “de-risking” option for their plans....more

The ERISA Litigation Newsletter - August 2015

Editor's Overview - As the summer draws to a close, this month's Newsletter previews three cases that the U.S. Supreme Court already has agreed to hear that ought to be of particular interest to ERISA plan sponsors and...more

Employee Benefits Alert - July 2015

Major Revisions to Qualified Plan Determination Letter Process Announced - Effective January 1, 2017, the staggered five-year determination letter remedial amendment cycles for individually designed plans will be...more

Multiemployer Pension Plans - Withdrawal Liability is Mounting

There are approximately 1,400 multiemployer pension plans and nearly 10 percent are projected to become insolvent within the next 15 years. Plan insolvency will trigger a termination and the assessment of withdrawal...more

Multiemployer Pension Plans

In this Update Series, we provide continuing updates on the key developments relating to multiemployer pension plans, as well as practical considerations for the companies that participate in them. These union benefit funds...more

Agency Guidance Issued on the Multiemployer Pension Reform Act (MPRA)

In June, the Department of Treasury and the PBGC issued guidance that clarifies how multiemployer pension plans at risk of insolvency can implement the various provisions of the Multiemployer Pension Reform Act of 2014...more

Trade Act Reinstates Expired Health Coverage Tax Credit (HCTC)

On July 6, 2015, President Obama signed the Trade Preferences Extension Act of 2015. Among other things, the Trade Act retroactively reinstated the Health Coverage Tax Credit (HCTC), which had previously expired on January...more

IRS Moves to Limit De-Risking Lump Sum Distributions

On July 9, 2015, the IRS announced that it intends to amend the required minimum distribution regulations under Section 401(a)(9) of the Internal Revenue Code to prohibit plans from offering voluntary lump-sum cashouts to...more

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