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.
Tag: Pension Benefit Guaranty Corporation
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.
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
Senators Urge Pelosi to Include Pension Fix in Next Stimulus Package
However, Senate Majority Leader Mitch McConnell has objected to providing funds to fix pension issues.
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.
Coronavirus - COVID-19
COVID-19 Layoffs Can Mean PBGC Reporting Obligations
PBGC monitors workforce reductions, so plan sponsors must be vigilant.
Risk
Sanders, Van Hollen Introduce Bill to Cut Executive Tax Break to Shore Up Pensions
Presidential hopeful says legislation would free up $15 billion to help fund struggling multiemployer pensions.
Pensions
Trump Wants $26 Billion Premium Hike for PBGC Multiemployer Plan
White House wants new variable-rate premium, saying that would help stave off insolvency for 20 years.
Regulation
PBGC Approves Facilitated Merger of New York Pension Funds
Pension lifeboat will provide three annual payments of $8.9 million to merged plan.
Risk
Over 100 Multiemployer Pension Plans May Fail Within 20 Years
Plans, like the New England Teamsters', covering 1.4 million people are underfunded by $56.5 billion.
News
Senators Unveil Plan to Bolster Multiemployer Pension System
Proposal calls for beefing up PBGC’s authority and funding.
PBGC to Provide Furniture Workers’ Plan Early Financial Assistance
Approval is the first under the Multiemployer Pension Reform Act of 2014.