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.

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.

What Is the Pension Protection Act?

Protecting retirement benefits is a hot-button issue, especially when the news cycle periodically tells us about the risks of a shortfall in the Social Security Administration’s ability to pay out benefits over the long term. These headlines serve to highlight the fact that employees and employers alike are faced with risks in where we put […]

PBGC Paid Nearly $6 Billion in Pension Benefits to Retirees in 2015

The Pension Benefit Guaranty Corporation (PBGC) recently released its annual report for fiscal year (FY) 2015. The report shows the agency paid $5.7 billion to more than 800,000 people in failed pension plans, which is comparable to the payments PBGC made in FY 2014.

Plan Sponsors Might Have to Report Lump-sum Pay Offers

Pension plan sponsors that offer to “cash out or annuitize benefits” for former employees would have to report this to the U.S. Pension Benefit Guaranty Corp., the agency has proposed. In a routine information-collection change request to the Office of Management and Budget posted Sept. 23 (79 Fed. Reg. 56831), PBGC said it intends to […]

PBGC May Exempt Most Companies, Pensions from ‘Reportable Events’ Rules

The Pension Benefit Guaranty Corp., in a policy reversal, has agreed to exempt most companies and their pension plans from sweeping “reportable events” requirements first proposed in 2009. This news should be a relief for the many small or financially sound companies with defined benefit plans that had expressed concern about reporting relatively minor business […]