The total funding shortfall for more than 1,200 plans balloons by $85 billion in six months.
Tag: Pension Benefit Guaranty Corporation
The agency has now approved more than $6.2 billion in special financial assistance funds to cover nearly 120,000 participants.
The struggling multiemployer plans cover nearly 2,000 participants.
Plans covering over 5,550 participants have been approved to receive bailout funds under the American Rescue Plan.
The Local 584 Plan and the Milk Industry Office Employees Pension will receive funds under the Special Financial Assistance Program.
Teamsters Local 408 is the 5th plan to be approved under the American Rescue Plan Act’s Special Financial Assistance program.
The Local 138 Pension Plan becomes the first multiemployer plan to receive funds under the American Rescue Plan Act.
The lack of action by the high court ends more than 12 years of litigation after the General Motors unit’s pension plan was terminated.
For the first time in two decades, both the multiemployer and single-employer programs have positive net financial positions.
The passage of the American Rescue Plan Act in March has changed the game for CIOs considering an annuity buyout.
The agency’s proposal sets a priority system for distributing $94 billion to severely underfunded pension plans.
The trend is mounting for corporate sponsors to shunt liabilities to insurers. But some don’t want to do that, and others can’t.
Plans often do piecemeal deals, to reduce the chances of everything going down the tubes.
Under the pension relief bill, allocators can aggressively de-risk corporate funds, says Insight Investment.