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 the … Continue Reading
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 the PBGC’s variable … Continue Reading
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
The status of PBGC coverage for Puerto Rico defined benefit plans is one that has been the subject of review and analysis by the PBGC for quite some time. Most recently, on April 19, 2013, the PBGC withdrew two older opinion letters (Opinion Letters 77-172 and 85-19), which addressed whether defined benefit plans established and … Continue Reading
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