Pensions
PBGC Approves Merger to Aid Struggling Multiemployer Plan
The settlement is intended to help protect 50,000 Giant, Safeway employees and retirees in the Washington, D.C., area.
Tag: PBGC
Research
PBGC Pension Programs Continue Divergence
The pension lifeboat’s multiemployer plan is five years from insolvency, while the single-employer plan remains robust.
Pensions
Time Runs Out for Multiemployer Pension Reform in 2020
Senators Grassley and Alexander say it’s too late to include their plan in year-end legislation.
Regulation
Court Rules Pensions Can’t Exist in a State of Limbo
In ‘most unusual case,’ judges back PBGC and find that someone must be held responsible for a pension even if the sponsor is long gone.
Asset Management Culture
J.C. Penney Completes Pension Liabilities Transfer to PBGC
The long-beleaguered American retailer is offloading its obligations as part of a sale to mall operators Brookfield and Simon Property.
Regulation
PBGC to Allow Greater Flexibility for Variable-Rate Premium Filings
Agency said move was needed because CARES Act didn’t provide special rules for PBGC premiums.
Asset Management Culture
Pension Buyouts a Relative Bargain, Says Mercer
Tweaking of Pension Buyout Index shows annuity buyouts cost less than accounting liabilities.
Pensions
PBGC Multiemployer Program to Become Insolvent by 2026
Agency warns that without legislation, it won’t be able to provide financial assistance to 1,400 plans.
Pensions
Ohio Teamsters Pension Fund Seeks Benefits Reduction
The Building Material Drivers Local 436 pension plan is expected to run out of money by 2023.
Asset Management Culture
PBGC to Pay Pension Benefits for McClatchy
Pension lifeboat takes over defined benefit plan covering 24,000 current and future retirees.
Regulation
Second Contracting Firm Exec Pleads Guilty to PBGC Bribery Conspiracy
COO James Girardi admitted he was aware of illicit arrangement between CEO and PBGC official.
Newsmakers
Treasury Rejects Benefit Cut Requests from Musicians, Teamsters Pensions
MPRA rejections were the first under Treasury Secretary Mnuchin.
Newsmakers
Under New Ownership, McClatchy Could Offload $1.4 Billion Pension Assets to PBGC
The bankrupt newspaper chain’s retirement obligations propelled it into Chapter 11, but the new owner, hedge fund Chatham, will get a clean slate.
Regulation
Former PBGC Official Pleads Guilty to Bribery Conspiracy
Jeffrey Donahue could face 15 years in prison for conspiracy to bribe a public official.
Research
Corporate Pension Funding Ratios Nearly Flat in 2019 Despite 17.3% Returns
Plunging discount rates offset second-largest investment return in 20 years.