The American Rescue Plan Act of 2021 created a significant new special financial assistance program administered by the Pension Benefit Guaranty Corporation for certain troubled multiemployer pension plans. Shortly after...more
On July 8, 2022, the Pension Benefit Guaranty Corporation (“PBGC”) published its much anticipated final rule on the special financial assistance (“SFA”) available to certain troubled multiemployer plans under the American...more
On March 11, 2021 President Biden signed the American Rescue Plan Act (Public Law 117-2) ("ARPA"). Among its many provisions, the statute contains "funding relief" for single employer defined benefit pension plans. This...more
The $1.9 trillion COVID stimulus package recently signed into law by President Biden includes significant assistance for pension plans. The financial assistance provisions will have a large bearing on shoring up the ongoing...more
On March 11, 2021, President Biden signed the $1.9 trillion COVID-19 relief bill, the American Rescue Plan Act (ARPA), into law. While the legislation contains a myriad of provisions, this article focuses on the pension...more
Even before COVID-19 changed everything, unions and participating employers held out hope for federal assistance for severely underfunded multiemployer pension plans, which threatened the payment of retirement benefits across...more
We had pondered when this day would come. The doomsday scenario that the Pension Benefit Guaranty Corporation (PBGC) would become insolvent in five to six years is now old history. (The new estimated time of PBGC insolvency...more
As part of the federal government’s response to the COVID-19 pandemic, the Internal Revenue Service (IRS), the Employee Benefits Security Administration (EBSA), and Pension Benefit Guaranty Corporation (PBGC) have recently...more
The Internal Revenue Service and Pension Benefit Guaranty Corporation have extended the due dates for certain federal returns and payments. Affected filings will now be due on July 15, 2020....more
The Internal Revenue Service has issued Notice 2020-23, which automatically postpones certain deadlines affecting employee benefit plans. Specifically, any deadline that would ordinarily fall on or after April 1, 2020,...more
The Rehabilitation for Multiemployer Pensions Act of 2019 (MPRA), also referred to as the "Butch-Lewis Act" proposes to establish a Pension Rehabilitation Administration (PRA) within the Department of Treasury that would...more
Since the coronavirus (COVID-19) first emerged as a serious health emergency, Congress has moved quickly to pass three major pieces of legislation designed to address the public economic and health crises caused by the...more
This week, the Internal Revenue Service (“IRS”) and Pension Benefit Guaranty Corporation (“PBGC”) both released helpful guidance intended to assist the individuals and organizations affected by the novel coronavirus...more