Tag: PBGC

ERISA

Federal Court Won’t Let Plan Make Service Provider Defendant in Fiduciary Suit

The spotlight that the U.S. Department of Labor (DOL) has shined on fiduciary duties for retirement plans has heightened awareness among plan sponsors and their third-party administrators (TPAs). But the proposed rule hasn’t necessarily made some plan sponsors more willing to accept the responsibility of the role.

retirement

IRS Mandates Use of New Mortality Tables for 2018 … Unless You Don’t Want to!

On October 3, 2017, the Internal Revenue Service (IRS) released Notice 2017-60, finally acknowledging that new mortality assumptions would be required for 2018 in the determination of minimum contributions and, by association, Pension Benefit Guaranty Corporation (PBGC) premiums. (See New IRS Mortality Tables for 2018 Bring Host of Concerns for DB Plan Sponsors.)

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.

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.

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 […]

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 […]