News & Analysis as of

Pension Benefit Guaranty Corporation

Beltway Buzz - April, 2018 #2

Ryan Retires. House Speaker Paul Ryan (R-WI) announced on April 11 that he won’t seek reelection in November. While Ryan is much more of a budget wonk than a labor guru, the Buzz will be monitoring the impacts of this...more

No Stone Unturned: Locating Missing Participants under the PBGC’s Expanded Program for Terminated Plans

by McDermott Will & Emery on

The PBGC’s missing participants program, which previously applied only to single-employer defined benefit pension plans, has been expanded to defined contribution plans, multiemployer defined benefit plans and small...more

Revised Employee Benefits-Related Limits for 2018; Decreases in Family HSA Contributions and Adoption Assistance Require Action

As a resource, the Employee Benefits and Executive Compensation practice at Brownstein Hyatt Farber Schreck prepares a chart identifying the annual adjustments to the dollar limitations that impact employee...more

Multiemployer Pension Underfunding: How to Protect Your Company

by 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

2018 Benefits Grab Bag - Tax Reform, Bipartisan Budget Act and Other Items

by Winstead PC on

Even though the Tax Cuts and Jobs Act made some changes to how the Internal Revenue Service (the “Service”) is to adjust retirement plan contribution limits late last year, the Service confirmed that the limits on retirement...more

Employee Benefits Developments - January 2018

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of January 2018. ...more

PBGC Expands Missing Participants Program to Include Terminating Defined Contribution Plans

by Hodgson Russ LLP on

The Pension Benefit Guaranty Corporation (PBGC) has expanded its missing participants program to cover terminating defined contribution plans (including 401(k) plans). The expanded program is voluntary and will be available...more

Implications of a Government Shutdown for Employers and Educators

by Franczek Radelet P.C. on

As the looming threat of a government shutdown becomes more real, we briefly review prior shutdowns and provide guidance on what employers and educators might anticipate. Government shutdowns are not as rare an occurrence as...more

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

by 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

Updates for the New Year - Executive Compensation & Benefits

by Winstead PC on

In spite of certain sound bites you probably heard late last year, the Affordable Care Act (“ACA”) was not repealed for employers. The individual mandate penalty was reduced to zero for a few years, beginning after 2018, so...more

Statute of Limitations and Third-Party Claims

by McGuireWoods LLP on

Plan administrators seeking a standard termination of a defined benefit pension plan must comply with very specific Employee Retirement Income Security Act (ERISA) rules and Pension Benefit Guaranty Corporation (PBGC)...more

Employee Benefits-Related Limits for 2018

Periodically, the Internal Revenue Service, the Social Security Administration and the Pension Benefit Guaranty Corporation adjust for cost-of-living increases certain limitations that impact employee benefit plans. These...more

Sun Capital Redux: Private Equity Fund Seeks Declaratory Judgment on Controlled Group Liability for Portfolio Company's Pension...

by Proskauer Rose LLP on

In light of the recent decisions by the U.S. Court of Appeals for the First Circuit and the U.S. District Court for the District of Massachusetts in Sun Capital, private investment funds, multiemployer pension funds and the...more

Federal Relief for Employee Benefits Plans Affected by Hurricanes Harvey, Irma, and Maria

by Reed Smith on

The Internal Revenue Service (IRS), Department of Labor (DOL), and Pension Benefit Guaranty Corporation (PBGC) have issued compliance guidance and a new law has been enacted providing employee benefits-related relief for...more

New PBGC-Plan Sponsor Pilot Mediation Project for Early Warning Program and Termination Liability Cases

The Pension Benefit Guaranty Corporation (the “PBGC”) launched a new Pilot Mediation Project to facilitate negotiations with (i) plan sponsors involved in corporate transactions under the purview of the PBGC’s Early Warning...more

ERISA Newsletter - Third Quarter 2017

by Proskauer Rose LLP on

Editor's Overview - As we have observed on other occasions, the ERISA class action plaintiffs' bar has, for several years now, honed in on 401(k) plan fiduciaries and their decisions to select and retain investment options...more

PBGC Issues Guidance on ‘Active Participant Reduction’ Reportable Events

by McGuireWoods LLP on

On Sept. 15, the Pension Benefit Guaranty Corporation (PBGC) issued a technical update providing interim guidance under its final rule on reportable events for defined benefit pension plans and their sponsors. This...more

Relief for Hurricane Victims

by Ary Rosenbaum on

Thanks to the damage caused by Hurricane Harvey and Hurricane Irma, the Internal Revenue Service (IRS), Department of Labor (DOL), and the Pension Benefit Guaranty Corporation (PBGC) have granted extensions of certain...more

Hurricane Hardship and Loan Relief Also Extended to Hurricane Irma, Pension Relief and a Cybersecurity Update

by Winstead PC on

The Internal Revenue Service (the “Service”) issued and announcement providing relief from verification of the qualification of an individual’s request for a hardship withdrawal or a loan in order for a person to obtain the...more

Internal Revenue Service Provides Helpful Relief to Hurricane Victims

Announcement 2017-11 (Announcement) provides that a tax-qualified employer retirement plan may treat a distribution to a current or former employee covered by the Announcement as on account of hardship or an unforeseeable...more

Hurricane Harvey Relief for Employees and Employers

by Locke Lord LLP on

Employers seeking to ease the hardships faced by employees in the aftermath of Hurricane Harvey may be looking for ways to provide aid to their own workforces. Qualified Disaster Relief Payments - Generally, a payment...more

Hurricane Harvey and Tropical Storm Harvey: What Kind of Relief May Employers Offer to Affected Employees? What About Hurricane...

by Epstein Becker & Green on

Employers with employees and operations impacted by Hurricane and Tropical Storm Harvey are asking what type of compensation, employee benefits, and tax relief may be available to them and their affected employees. There are...more

Troubling Court Decision Sends Withdrawal Liability Warning To Employers

by 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

Hurricane Harvey Relief for Employee Benefit Plans

by McDermott Will & Emery on

The Internal Revenue Service and the Department of Labor relaxed some deadlines for eligible employee benefit plans and expanded the availability of withdrawals and loans for eligible defined contribution plan participants in...more

DOL and IRS Issue Guidance for Employee Benefit Plans Impacted by Hurricane Harvey

In the wake of massive floods caused by Hurricane Harvey, the Department of Labor (DOL), Internal Revenue Service (IRS), and Pension Benefit Guaranty Corporation (PBGC) have issued initial employee benefit plan guidance. The...more

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