Tag: pension plans

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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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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Defined benefit retirement plan

Consider These Steps When Administering DB Plan Lump-Sum Windows

Lump-sum windows that offer defined benefit (DB) retirement plan participants a chance to convert their vested accrued monthly benefit into a one-time lump-sum cashout have gained popularity as a way for pensions to “derisk” their balance sheets and lower their headcount for U.S. Pension Benefit Guaranty Corporation (PBGC) premiums.

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Pension

PBGC Advocate’s 2016 Report Shows Continued Room for Improvement

The Moving Ahead for Progress in the 21st Century Act (MAP-21) in 2012 created a participant and plan sponsor advocate for the Pension Benefit Guaranty Corporation (PBGC) whose role is to “act as a liaison between the corporation, sponsors of defined benefit pension plans insured by the corporation, and participants in pension plans trusteed by the corporation.”

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pensions

Sears and PBGC Reach Agreement to Shore Up Pension Plans

The Pension Benefit Guaranty Corporation (PBGC) and Sears Holdings Corporation (Sears) recently reached a new agreement that provides additional funding and security for the company’s two pension plans.

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retirement

PBGC Reduces Penalties for Late Premium Payments

The Pension Benefit Guaranty Corporation (PBGC) is reducing penalties for late payment of premiums in an effort to reduce regulatory costs and make it easier for plan sponsors to maintain traditional pension plans.

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PBGC Proposes Expansion of Its ‘Missing Participants’ Program

The Pension Benefit Guaranty Corporation (PBGC) is proposing to expand its existing Missing Participants Program to cover terminated 401(k) plans and most other defined contribution plans, as well as certain defined benefit plans that aren’t currently covered by the program.

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Moody’s: Interest Rate Hike Could Lift Pensions to Full Funding by 2018

The first of what is expected to be a series of interest rate increases by the U.S. Federal Reserve on Dec. 16 should start to help defined benefit retirement plans recover from years of underfunding, Moody’s Investor Service said in a report Dec. 14. Pension funding levels for about 670 rated U.S. non-financial corporate pension […]

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