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 […]
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 […]
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.
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.
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.
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.
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 […]
The Pension Benefit Guaranty Corporation (PBGC) in early May clarified guidance issued in late 2016 about its Early Warning Program (EWP), explaining that the program had not been expanded and such a review for an employer’s defined benefit (DB) retirement plan would not be triggered solely by a change in credit quality.
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.”
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.