News & Analysis as of

Corporate Counsel Pension Benefit Guaranty Corporation

Morgan Lewis - ML Benefits

Multiemployer Pension Plans Seeking Special Financial Assistance Can Now Request Relief from Withdrawal Liability Conditions

The Pension Benefit Guaranty Corporation (PBGC) is now allowing multiemployer pension plans that are applying for special financial assistance (SFA) to request relief from the standard withdrawal liability calculation...more

Faegre Drinker Biddle & Reath LLP

Last Call: Don’t Forget Your Retirement Plan’s Required Year-End Amendments for 2021

As 2021 winds down, retirement plan sponsors should confirm that their plan documents are amended by December 31, 2021, to comply with certain plan changes: • Hardship Distributions. 401(k) plans and 403(b) plans must be...more

Proskauer Rose LLP

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

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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

Epstein Becker & Green

ARPA’s Impact on Multiemployer Pension Plans and Contributing Employers

Epstein Becker & Green on

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (“ARPA”). ARPA is the latest COVID-19-related stimulus legislation passed by Congress, but, unlike prior legislation, ARPA provides expansive...more

Brownstein Hyatt Farber Schreck

Employee Benefits-Related Limits For 2020

This chart sets forth some of the annually adjusted dollar limits that impact employee benefits, as published by the Internal Revenue Service, the Social Security Administration and the Pension Benefit Guaranty Corporation. ...more

Dickinson Wright

Buyers Beware: Sixth Circuit Holds That Asset Purchaser Can Be Sued for Predecessor’s Unpaid Pension Liability

Dickinson Wright on

In a typical asset sale transaction, the purchaser takes great care to disclaim any responsibility for the seller’s business debts. When the seller is a sponsor of a defined benefit pension plan, this typically includes a...more

Perkins Coie

Multiemployer Pension Underfunding: How to Protect Your Company

Perkins Coie on

As a result of a declining union workforce, bankruptcies of employers contributing to multiemployer pension plans (MEPPs), and tax rules that prevented MEPPs from developing sufficient reserves, many MEPPs have become...more

Fox Rothschild LLP

Hunting For Retirement Plan Participants? New IRS Guidance And The Expanded PBGC Missing Participants Program Should Help

Fox Rothschild LLP on

Plan administrators might feel it is the participant’s responsibility to keep a plan administrator informed of their address changes; however, it is the view of the Department of Labor (DOL) that a plan administrator’s...more

Fisher Phillips

Troubling Court Decision Sends Withdrawal Liability Warning To Employers

Fisher Phillips on

A federal appeals court has handed multiemployer pension plans a blank check to assess increased withdrawal liability against employers exiting a plan. The 11th Circuit Court of Appeals’ recent decision in Westrock RKT...more

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

Proposed “Exit Premium” on Withdrawing From Underfunded Multiemployer Defined Benefit Plans Would Penalize Employers That Played...

Employers withdrawing from an underfunded multiemployer defined benefit pension plan may soon face not only an assessment of withdrawal liability, but also an additional payment called an “exit premium.” The Obama...more

McDermott Will & Emery

Reportable Event Changes for Pension Plans Effective January 1, 2016

McDermott Will & Emery on

Effective January 1, 2016, the Pension Benefit Guaranty Corporation (PBGC) altered the reportable event rules for defined benefit pension plans. Under new final regulations, the PBGC substantially reduced the reporting...more

McGuireWoods LLP

Central States Pension Fund Submits Plan for Reducing Benefits

McGuireWoods LLP on

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

Polsinelli

Employers Should Start Preparing Now for Big Changes Coming to Multiemployer Pension Plans

Polsinelli on

Yesterday, President Obama signed into law the most comprehensive legislation affecting multiemployer pension plans since the Multiemployer Pension Plan Amendments Act of 1980. The Multiemployer Pension Reform Act of 2014...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Japanese Acquirer Resolves Pension-Related Liabilities of US Subsidiary"

On November 4, 2014, Asahi Tec Corporation (Asahi), a Japanese corporation that acquired U.S.-based Metaldyne Corporation (Metaldyne) in 2007, announced a settlement of its long-running dispute with the Pension Benefit...more

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