Employee Benefits & Executive Compensation Blog

The View from Proskauer on Developments in the World of Employee Benefits, Executive Compensation & ERISA Litigation

Category Archives: Defined Benefit Pension Plans

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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 … Continue Reading

SECURE Act: Two Key Changes for Defined Benefit Plans

As part of our ongoing series on the SECURE Act, this post discusses two key changes affecting defined benefit plans: (1) the ability to start in-service distributions at age 59½ (reduced from 62), and (2) new tools for closed defined benefit plans to pass nondiscrimination tests.  Below we discuss each change and its potential impact … Continue Reading

Bipartisan Budget Act Extends MAP-21 Pension Funding Relief and Increases PBGC Premiums

On Monday, November 1, 2015, President Obama signed into law the Bipartisan Budget Act of 2015 (the “BBA”) which brings familiar changes for sponsors of defined benefit pension plans. Similar to the Moving Ahead for Progress in the 21st Century Act in 2012 (“MAP-21”), the BBA provides relief from pension funding obligations while increasing PBGC … Continue Reading

IRS Issues Temporary Non-Discrimination Testing Relief for Closed Defined Benefit Plans and Request for Comments

On December 13, 2013, the IRS issued Notice 2014-5 which provides temporary relief for satisfying the nondiscrimination requirements under Section 401(a)(4) of the Internal Revenue Code (the “Code”) for plan sponsors that maintain defined benefit plans which have been closed to new hires. Many defined benefit plan sponsors have implemented “soft freezes” of their plans, … Continue Reading
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