Regulation
PBGC’s s Reaffirms Limits of Pension Insurance in First Opinion Letter in 24 Years
The agency also clarified that certain annuity buyouts do not trigger a reportable event.
Tag: PBGC
Regulation
PBGC to Pay Full Pensions for First Brands’ Workers
First Brands had terminated its pension plan, so the federal agency stepped in to ensure retirees receive their full benefits.
Regulation
PBGC Proposes Technical Changes to Special Financial Assistance Program
The agency seeks to clarify investment rules, streamline withdrawal liability settlements and eliminate a contribution reallocation exception.
News
PBGC Releases New Guidance on Pension Plan Mergers Involving Federal Relief Funds
The agency added FAQs providing new detail on merger approvals, withdrawal liability calculations and post-merger restrictions.
Regulation
PBGC Initiates ‘Friend of the Court’ Program
The Pension Benefit Guaranty Corporation's project aims to help private parties in cases that could have broader implications for defined benefit pensions.
Pensions
Investment Gains Fuel Fifth Straight Year of Asset Growth in PBGC Pension Insurance Programs
The agency’s single-employer and multiemployer programs reported positive net positions of $62.2 billion and $2.6 billion, respectively.
Newsmakers
Janet Dhillon Confirmed by Senate as PBGC Director
Dhillon was confirmed in a block of 108 appointees to various federal departments and agencies.
Pensions
2nd Circuit Vacates PBGC’s Denial of SFA Funds for NYC Pension
The Pension Benefit Guaranty Corporation had argued that the pension was not entitled to funds because it had already been terminated.
Newsmakers
PBGC Director Nominee Janet Dhillon Clears Senate HELP Committee
The Senate Committee on Health, Education, Labor and Pensions voted 12-11 to advance Dhillon's nomination to the full Senate.
Newsmakers
Dhillon Nominated to Lead PBGC
The former Equal Employment Opportunity Commission chair under President Donald Trump is now expected to lead the Pension Benefit Guaranty Corporation.
Pensions
PBGC’s SFA Program Boosts Multiemployer Funded Level to 97%
Without the $16 billion in special financial assistance from the Pension Benefit Guaranty Corporation, the plans’ funded level would have ended 2024 stagnant, per Milliman study.
Pensions
PBGC Approves $868.6M SFA Grant to Unite Here Retirement Fund
The White Plains, New York-based plan covers 91,744 participants in the hospitality industry.
Pensions
PBGC Approves SFA Funds for 3 Multiemployer Pension Funds
Laborers Local No. 265, Teamsters Local 734 and the IUOE Upstate NY Engineers Fund will receive grants totaling almost $250 million under the Special Financial Assistance Program.
Newsmakers
Anne Henderson Named Participant and Plan Sponsor Advocate at PBGC
Henderson will succeed Constance Donovan, who retired in August after 11 years at the Pension Benefit Guaranty Corporation.
Pensions
PBGC Updates Rate Tables on Expected Retirement Age, Missing Participants Mortality Assumption
Effective date for the final rule is January 1, 2025.