News & Analysis as of

Employee Retirement Income Security Act (ERISA) Pension Benefit Guaranty Corporation

Pullman & Comley - Labor, Employment and...

PBGC Updates Premium Rates for 2025

The Pension Benefit Guaranty Corporation (PBGC) insures most private sector (i.e., non-governmental) defined benefit pension plans. The Plan Administrator of each pension plan covered under ERISA is required to annually file...more

Carlton Fields

Sometimes, Pension De-Risking Makes Cents

Carlton Fields on

In a defined benefit plan, participants usually accrue a monthly benefit based on a formula that typically considers their last three years’ salary before retirement and years of service with their employer. For example, the...more

Fisher Phillips

Bankruptcy Court Upholds PBGC Rules, Says Massive Pension Fund Bailouts Can’t Reduce Employer’s Withdrawal Liability: Your 5 Key...

Fisher Phillips on

A bankruptcy court in Delaware recently upheld rules issued by the Pension Benefit Guaranty Corporation (PBGC) that severely impact how liability is calculated for employers withdrawing from multiemployer pension plans...more

Fisher Phillips

Withdrawal Liability Calculations for Multiemployer Pension Plans: What Employers Must Know About Financial Exposure

Fisher Phillips on

“Withdrawal liability” blindsides many employers when they stop contributing to collectively bargained pension plans. Multiemployer plans have used different calculations for years that inflate the withdrawal liability they...more

Carlton Fields

Studebaker: From Coupe to Coup

Carlton Fields on

In the early days of the workforce, retirement was a foreign concept—people worked until they died. Life expectancy was significantly lower than it is today, making the idea of retirement nearly irrelevant....more

Jackson Lewis P.C.

The End of Chevron Deference and the Anticipated Impact on Withdrawal Liability

Jackson Lewis P.C. on

The U.S. Supreme Court recently overturned the decades-old Chevron doctrine of judicial deference to a federal agency’s interpretation of an ambiguous statute. (See “Go Fish! U.S. Supreme Court Overturns ‘Chevron Deference’...more

Holland & Hart - The Benefits Dial

You Say It’s Your Birthday?! Well, It’s ERISA’s Birthday, Too!

Employee benefits law is mostly drawn from two federal sources—the Internal Revenue Code and ERISA. Just what is “ERISA,” though? Its official reference is the “Employee Retirement Income Security Act of 1974.” That means the...more

Foley & Lardner LLP

Five Things on the Department of Labor’s Radar for Employee Benefit Plans

Foley & Lardner LLP on

All qualified retirement plans are subject to a myriad of requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The United States Department of Labor (DOL) is charged with enforcing the...more

Bricker Graydon LLP

Pension Risk Transfer Considerations and Recent Litigation - A Case of Imprudent “Passing the Buck” or Sound Risk Management?

Bricker Graydon LLP on

Over the last several years, numerous large pension plan sponsors have transferred billions of dollars in financial risk related to their pension plan benefit obligations to insurance companies through the purchase of group...more

McDermott Will & Emery

Better Than a Snow Day: The PBGC Provides One-Time Section 4010 Reporting Waiver

McDermott Will & Emery on

Acknowledging uncommon market conditions, the Pension Benefit Guaranty Corporation (PBGC) announced Technical Update Number 23-1 (the Update), which provides a one-time waiver of certain reporting requirements for some...more

Proskauer - Employee Benefits & Executive...

PBGC Provides One-Time 4010 Filing Waiver for Certain Employers

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...more

Groom Law Group, Chartered

PBGC Update: 4010 Reporting Waivers & Benefit Payment Regulations

The Pension Benefit Guaranty Corporation (“PBGC”) recently issued Technical Update Number 23-1 to provide for certain underfunded pension plans a limited waiver from the reporting requirements under ERISA section 4010 due to...more

Jackson Lewis P.C.

Building and Construction Industry Exemption: Tool to Contest Withdrawal Liability

Jackson Lewis P.C. on

The Multiemployer Pension Plan Amendments Act of 1974 (MPPAA) was enacted purposefully by Congress to seize moneys from contributing employers to fund multiemployer defined benefit pension funds regardless of the employers’...more

Jackson Lewis P.C.

Impact of Critical Withdrawal Liability Interest Rate Assumption on Construction Industry Employers

Jackson Lewis P.C. on

Withdrawal liability is a major concern for many employers with collectively bargained operations. While special rules applicable to the construction industry can limit the circumstances under which liability can be imposed,...more

Faegre Drinker Biddle & Reath LLP

Final Changes Announced to Forms 5500 and 5500-SF

The Department of Labor (DOL) announced that it has finalized, together with the Internal Revenue Service (IRS) and Pension Benefit Guarantee Corporation (PBGC), the third and final round of revisions to the Form 5500 Annual...more

Jackson Lewis P.C.

SECURE 2.0 Series Part 4: Good News for Sponsors of Pension Plans

Jackson Lewis P.C. on

The SECURE 2.0 Act of 2022 (SECURE 2.0) provides welcome relief to private sector single employer sponsors of defined benefit pension plans (Pension Plan(s)). Effective for plan years beginning on and after January 1, 2024,...more

Foley & Lardner LLP

SECURE 2.0 Changes Rules for Retirement Plans

Foley & Lardner LLP on

SECURE 2.0 Act of 2022 (the “Act”) was signed into law by President Biden on December 29, 2022 (the date of enactment), as part of the larger government funding bill. The Act makes numerous changes affecting retirement plans....more

Groom Law Group, Chartered

PBGC Issues Proposed Regulation for Multiemployer Plan Withdrawal Liability Assumptions

On October 14, 2022 the Pension Benefit Guaranty Corporation (“PBGC”) published a proposed regulation regarding the interest rates that multiemployer pension plan actuaries use when calculating the present value of plans’...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Beltway Buzz - October 2022 #3

The federal contractor vaccine requirement is back in the news. As T. Scott Kelly and Emily Halliday discussed, in late August 2022, the U.S. Court of Appeals for the Eleventh Circuit narrowed the coverage of a previously...more

Seyfarth Shaw LLP

PBGC Addresses Withdrawal Liability Assumptions For First Time In New Proposed Rule

Seyfarth Shaw LLP on

Seyfarth Synopsis: On October 14, 2022, the Pension Benefit Guaranty Corporation (“PBGC”) published its proposed rule under ERISA Section 4213 (the “Proposed Rule”), which sets forth for the first time the agency’s guidance...more

Fox Rothschild LLP

PBGC Proposes Rule Change for Withdrawal Liability Discount Rates

Fox Rothschild LLP on

In an apparent effort to resolve uncertainty caused by court rulings, the Pension Benefit Guaranty Corporation has proposed that actuaries of multiemployer pension plans should be allowed to use any interest rate for...more

Jackson Lewis P.C.

More Bad News For Employers In The PBGC Final Rule

Jackson Lewis P.C. on

The recently published final regulation implementing last year’s massive multiemployer pension plan bailout contains a very thin silver lining, but overall, more bad news for already overburdened employers....more

Jackson Lewis P.C.

Withdrawal Liability Interest Rate Must Reflect Projected Investment Return, D.C. Circuit Holds

Jackson Lewis P.C. on

Under the Employee Retirement Income Security Act (ERISA), as amended by the Multiemployer Pension Plan Amendments Act (MPPAA), a company incurs withdrawal liability when it withdraws from a multiemployer pension plan....more

Littler

PBGC Institutes Major Changes in its Special Financial Assistance Final Rule

Littler on

On July 7, 2022, the Pension Benefit Guaranty Corporation (PBGC), the independent federal corporation that insures private-sector defined benefit plans under Title IV of the Employee Retirement Income Security Act of 1974...more

Dickinson Wright

It’s Form 5500 Season: Five Common Mistakes that Plan Sponsors Should Avoid

Dickinson Wright on

We are just past the “official” start of summer, which means it is time for sponsors of retirement plans and many health and welfare plans to think about preparing and submitting Form 5500. In this post on the All Things HR...more

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