Tag: PBGC

Pension

PBGC to Pay Pension Benefits for Avaya Retirees

The Pension Benefit Guaranty Corporation (PBGC) will pay retirement benefits for nearly 8,000 current and future retirees who participated in the Avaya, Inc. Pension Plan for Salaried Employees, according to a PBGC press release.

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retirement

PBGC Annual Report Shows Rising Deficit for Multiemployer Plans

The Pension Benefit Guaranty Corporation (PBGC) Fiscal Year 2017 Annual Report, released on November 16, shows that the deficit in its insurance program for multiemployer plans rose to $65.1 billion at the end of FY 2017, up from $58.8 billion a year earlier.

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Pensions

PBGC Reaches New Agreement with Sears

The Pension Benefit Guaranty Corporation (PBGC) and Sears Holdings Corporation have reached a new agreement that will provide, upon closing, approximately $500 million in funding for Sears’ two pension plans, including contributions already made by Sears since August 2017. The pension plans cover about 100,000 participants. Closing on the agreement should occur in about 3 […]

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Defined benefit retirement plan

Multiemployer Pension Plan Funding Nears Peak Since 2008 Crash, Study Says

Multiemployer retirement plans’ funding in the first half of 2017 neared its best position since the market collapse of 2008, according to a new study by the actuarial consulting firm Milliman. But despite an average funded percentage of 81%, these plans still face significant pressures, with many on track to require assistance in the future […]

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Pensions

PBGC Launches Mediation Pilot for Termination Liability, ‘Early Warning Program’ Cases

The Pension Benefit Guaranty Corporation (PBGC) on October 16 announced a pilot program to offer mediation in some Termination Liability Collection and Early Warning Program (EWP) cases. PBGC’s Pilot Mediation Project will allow parties to resolve cases with the assistance of an independent dispute resolution professional.

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Defined benefit retirement plan

New IRS Mortality Tables for 2018 Bring Host of Concerns for DB Plan Sponsors

The new mortality tables required for use by final regulations released on October 5 by the Internal Revenue Service (IRS) were expected, but bring into sharper focus a host of concerns for the single-employer defined benefit (DB) retirement plans that must eventually incorporate them.

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Pensions

PBGC Will Assist United Furniture Workers Pension Fund

The Pension Benefit Guaranty Corporation (PBGC) has approved a partition application and will provide early financial assistance to the United Furniture Workers Pension Fund A, a Nashville-based multiemployer pension plan that covers nearly 10,000 participants.

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Pensions

PBGC Releases Statement on Avaya’s Pension Plan Proposal

The Pension Benefit Guaranty Corporation (PBGC) has released a statement on the reorganization plan of Avaya, a multinational communications solutions company. The plan includes a proposal to maintain its pension plan for hourly employees but end its pension plan for salaried employees.

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Saving

IRS Delay in Implementing New Mortality Tables Affects Pension Liability Valuation

The Internal Revenue Service’s (IRS) delay until 2018 of implementation of updated mortality tables for pensions gives defined benefit (DB) plan sponsors some extra time to prepare for significant changes tied to increased participant longevity. But the delay also may affect pension liability valuation in up to three ways, according to investment consulting firm Cambridge […]

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