Tag: PBGC

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 […]

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.

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 […]

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.”