Special Financial Assistance Guidance Issued by the PBGC Background The PBGC administers a Multiemployer Insurance Program under Title IV of ERISA. In recent years, the sustainability of this insurance program became challenged as many multiemployer plans faced the prospect of Read more…
“Fresh Start” and Extended Amortization Funding Shortfalls The Act provides a “fresh start” on the amortization of a single-employer plan’s underfunding. For the plan year beginning in 2022 (or, if elected by the plan sponsor, a plan year beginning in Read more…
Financial Assistance for Severely Underfunded Multiemployer Plans The Act creates a special financial assistance program to ensure the solvency of severely underfunded multiemployer plans by providing a lump sum payment such that the plans can pay all benefits through 2051. Read more…
This white paper discusses a couple of new adjustable pension plan designs available to plan sponsors and the rationale for why they should be considered. · For years employers contributing to Defined Benefit Pension Plans have been wary of Read more…
The DOL has announced in this notice an extension of deadlines for furnishing required notices or disclosures to plan participants, beneficiaries, and other persons so that plan fiduciaries and plan sponsors have additional time to meet their obligations under Title Read more…
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) became law. During its assembly, we heard from insiders regarding the possible inclusion of extensive reforms and relief for the US multiemployer defined-benefit system, yet no Read more…
On November 20th, two Republican Senators issued a Multiemployer Pension Recapitalization and Reform Plan via a white paper summarizing proposals for the US multiemployer defined-benefit pension system accompanied by a more thorough technical explanation. While we prepare a more thorough Read more…
PBGC proposes additional methods for reporting “orphaned” participants on Form 5500 The Pension Benefit Guaranty Corporation (“PBGC”) is proposing changes to how multiemployer defined-benefit pension funds report orphaned participants beginning with Schedules R (Form 5500) for 2020 plan years. Under Read more…
JUST THE FACTS is prepared by First Actuarial Consulting, Inc. for general informational purposes only. It does not offer legal advice and does not claim to give all information regarding any given topic. As always, how these issues affect your Read more…
DOL Proposed Rule – Retirement Plan Disclosures Online The U.S. Department of Labor (DOL) announced a proposed rule on October 22, 2019, to permit retirement plan disclosures to be posted online. The proposed rule is in part a response to Read more…