ERISA Section 4010 requires a contributing sponsor of certain single-employer pension plans, as well as the sponsor’s controlled group members, to provide controlled group, financial, and actuarial information to the PBGC each year. The requirement generally applies when one or more plans within a controlled group has a funding target attainment percentage for 4010 purposes

Justin Alex
Justin S. Alex is a partner and a member of the Employee Benefits & Executive Compensation Group.
Justin advises private and public companies on all aspects of their employee benefits and executive compensation arrangements and plans, including the treatment of such arrangements and plans in corporate financings and transactions.
In addition to Justin's general benefits and compensation practice, he spends a significant portion of his time advising employers and financial sponsors with respect to underfunded single-employer and multiemployer pension plans. As part of this practice, Justin often works hand-in-hand with Proskauer's labor and restructuring lawyers to find innovative and practical methods for clients to manage pension liabilities.
Prior to joining Proskauer, Justin was a lawyer in the Office of Chief Counsel at the Pension Benefit Guaranty Corporation (PBGC), where he gained significant experience with pension termination and underfunding issues. He also represented the PBGC in corporate bankruptcies and federal court litigation.
PBGC (Slightly) Opens Door to Exceptions From Special Withdrawal Liability Rules for SFA Multiemployer Pension Plans
As previously discussed, the Pension Benefit Guaranty Corporation (the “PBGC”) issued final regulations in July 2022 for plans that receive special financial assistance (“SFA”) under the American Rescue Plan Act of 2021 (“ARPA”). Among other things, the regulations imposed special withdrawal liability rules on plans that receive SFA – including a phase-in period for…
SECURE 2.0 Includes PBGC Premium Relief… for Some Plans
As previously discussed, the SECURE 2.0 Act of 2022 (“SECURE 2.0”) that was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act includes a slew of changes for retirement plan sponsors and employers.
One of the many changes is an end to the annual indexing of…
DOL Proposes Self-Correction Option and Other Changes to Voluntary Fiduciary Correction Program
The U.S. Department of Labor (the “DOL”) proposed changes to its Voluntary Fiduciary Correction Program (the “VFCP”) in November for the first time since 2006. The most significant change is the addition of a self-correction option for delinquent deposits of participant contributions and loan repayments. The other changes clarify and expand certain existing aspects of…
IRS Announces 2023 Increases to Qualified Retirement Plan Limits
On October 21st, the IRS released a number of additional inflation adjustments for 2023, including to certain limits for qualified retirement plans. Perhaps most notably, the annual limit for pre-tax and Roth contributions by employees to 401(k) plans has jumped from $20,500 to $22,500, and the annual limit for “catch-up” contributions to such…
IRS Announces 2023 Increases to Health FSA and Transportation Fringe Benefit Limits
On October 18th, the IRS announced a slew of inflation adjustments for 2023, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified transportation fringe benefits. The IRS did not increase the annual contribution limit for dependent care flexible spending accounts because that limit is not…
“Clawback Comeback”: DOJ’s New Focus on Clawbacks to Prevent Corporate Crime
In September 2022, Deputy Attorney General Lisa Monaco delivered remarks unveiling the Department of Justice’s revised corporate crime guidance to “prioritize and prosecute corporate crime.” She reiterated that the number one priority for the DOJ is “individual accountability.” To that end, Monaco emphasized that the DOJ will “reward” companies that claw back compensation from executives…
42 Years in the Making: PBGC Proposes Regulation on Interest Rate for Withdrawal Liability Calculations
A hotly debated (and litigated) issue for multiemployer pension plans in recent years has been the appropriate interest rate to determine a multiemployer pension plan’s liabilities when calculating the plan’s underfunding for withdrawal liability purposes. The Pension Benefit Guaranty Corporation (the “PBGC”) is now poised to end the debate. The PBGC proposes to allow multiemployer…
Clarification on Extension of Amendment Deadlines for CARES Act Provisions
On September 26, 2022, the IRS released IRS Notice 2022-45, which corrected a potential oversight in IRS Notice 2022-33, discussed in detail here. Notice 2022-33 had extended the deadline to adopt certain retirement and savings plan amendments required by the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act…
PBGC Issues Final Rule on Special Financial Assistance Program for Troubled Multiemployer Pension Plans
On July 8, 2022, the Pension Benefit Guaranty Corporation (“PBGC”) published its much anticipated final rule on the special financial assistance (“SFA”) available to certain troubled multiemployer plans under the American Rescue Plan Act of 2021 (“ARPA”).
As we previously described in our client alert, ARPA provided for cash payments from the PBGC to…