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 […]

DOL Unveils $12 Billion 2013 Budget Request

The U.S. Department of Labor’s (DOL) fiscal year 2013 budget request continues many priorities emphasized in the previous year’s budget, such as the effort to combat worker misclassification, while ending or consolidating some programs aimed at helping women and veterans find jobs. The DOL’s 2013 budget request comes in at $12 billion. The 2012 request […]

PBGC Now Requires Electronic Filings

The Pension Benefit Guaranty Corporation (PBGC)—the federal agency that insures pension benefits for millions of Americans—has published a final rule requiring sponsors of defined benefit pension plans to electronically file their annual premium declarations. Effective July 1, large plan sponsors (those with 500 or more participants) must file premiums electronically for plan years beginning on […]

Senate Approves Pension Security Bill

It’s no secret that the private pension system in the United States is in crisis. Last week, the Pension Benefit Guaranty Corporation (PBGC), which insures pensions for about 44 million Americans, announced that it has a startling deficit of $23 billion, fueled largely by having to take over pension plan liabilities of bankrupt airlines. But […]