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 Pension Benefit Guaranty Corporation

The Pension Benefit Guaranty Corporation (PBGC) is an independent agency of the United States government that was created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary to carry out its operations. Subject to other statutory limitations, the PBGC insurance program pays pension benefits up to the maximum guaranteed benefit set by law to participants who retire at age 65 ($54,000 a year as of 2011). The benefits payable to insured retirees who start their benefits at ages other than 65, or who elect survivor coverage, are adjusted to be equivalent in value.


During fiscal year 2010, the PBGC paid $5.6 billion in benefits to participants of failed pension plans. That year, 147 pension plans failed, and the PBGC's deficit increased 4.5 percent to $23 billion. The PBGC has a total of $102.5 billion in obligations and $79.5 billion in assets.

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updated Mon. April 2, 2018

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... labor leaders and retirees are watching closely, because the multi-employer pension that Peeps workers depend on is one of close to 1,300 around the country. In total, 10 million current and retired workers participate in multi-employer pensions, according to the Pension Benefit Guaranty Corporation.
Hearings on the bankruptcy are scheduled to begin Tuesday in US Bankruptcy Court in Wilmington, Delaware. Remington is seeking to confirm its bankruptcy plan by May 3. The company's biggest creditors are Pension Benefit Guaranty Corporation and The Marlin Firearms Company Employees' ... gun
The loan is secured by properties that were previously subject to a ring-fence arrangement with the Pension Benefit Guaranty Corporation (PBGC). In accordance with a November 2017 agreement with the PBGC, Sears will contribute $407 million of the proceeds into the Sears pension plans. Sears said ... gun

In addition to the DOL, the Internal Revenue Service (IRS), Pension Benefit Guaranty Corporation (PBGC), and Congress have also recently focused on developing minimum appropriate search procedures and missing participant protection programs. On March 5, the Government Accountability Office ... gun
One of the most significant ways in which the 2007-09 recession altered the financial landscape was how the emergence of ultralow interest rates, intended to prop up the recovery, ravaged public and private pension plans, potentially throwing retirees into dire straits during their golden years. But with ... gun
The Pension Benefit Guaranty Corporation (PBGC) proposes to amend its regulations on guaranteed benefits and asset allocation. These amendments would incorporate statutory changes to the rules for participants with certain ownership interests in a plan sponsor. The amendments in the proposed rule ...
The Pension Benefit Guaranty Corporation (PBGC) proposes to amend its regulations on guaranteed benefits and asset allocation. These amendments would incorporate statutory changes to the rules for participants with certain ownership interests in a plan sponsor. The amendments in the proposed rule ...
"I am hopeful that we can achieve a comprehensive and permanent solution that protects earned pensions, protects taxpayer dollars, prevents the insolvency of the Pension Benefit Guaranty Corporation, and alleviates pressure on employers." Besides Brown's idea, another, floated in the House, is to allow ...
House Speaker Paul Ryan (R-Wisconsin) announced his appointees to the Joint Select Committee on the Solvency of Multiemployer Pension Plans, charged with improving the solvency of multiemployer pension plans and the Pension Benefit Guaranty Corporation (PBGC). His appointees include: Rep.
Schumer also appointed his four members to the select committee on pension plans, which is tasked with improving “the solvency of multiemployer pensions and the Pension Benefit Guaranty Corporation.” The PBGC says its program to pay promised benefits in the event multiemployer plans, which cover ...
The plan is terminated, and taken over by the Pension Benefit Guaranty Corporation (PBGC). The PBGC is a federal insurance agency funded by premiums from pension plans to protect participants in private-sector defined-benefit plans. If a pension does not have sufficient funds to pay retirees, the PBGC ...
The strain on the multiemployer pension system carries another risk — the potential annihilation of the Pension Benefit Guaranty Corporation, the government agency that insures pension plans. The P.B.G.C. said in its latest annual report that its multiemployer program is likely to run out of money by the ...

Last November, Congressional Democrats introduced the Butch Lewis Act, which they said is legislation that “establishes a legacy fund within the Pension Benefit Guaranty Corporation [PBGC} to ensure that multiemployer pension plans can continue to provide pension benefits to every eligible American ...
"Over the past several years, I've consistently made clear to my colleagues that there is a looming multiemployer pension crisis in America, and responsible reforms are needed to protect retiree benefits, ensure the solvency of the Pension Benefit Guaranty Corporation, and allow participating employers to ...
The Pension Benefit Guaranty Corporation (PBGC) reported that in 2017, it paid out more than $5.6 billion to 868,000 retirees in failed, single-employer plans in all 50 states and US territories. The PBGC, which is the government-sponsored lifeboat for struggling pensions, noted that the amount paid ...
Multi-employer plans are insured by the federal Pension Benefit Guaranty Corporation (PBGC). Recapitalization, or a reorganization that allows big changes to a capital structure, could permit troubled plans to both partition and spin off orphan liabilities, or the accrued liabilities of employers no longer ...
Pension plans borrowing from PRA would be required to set aside the loan proceeds in separate, safe investments such as annuities or bonds that match the pension payments for retirees. For those plans needing additional help to meet retiree obligations, the Pension Benefit Guaranty Corporation would ...
It's called the Pension Benefit Guaranty Corporation (PBGC). The PBGC is able to step in to pay pension obligations when companies go out of business. It does so by collecting premiums from employers when they're in business and investing that money. It's a similar concept to the idea of unemployment ...
Tax reform and Pension Benefit Guaranty Corporation (PBGC) premiums were the key contribution motivators, according to Russell Investments. Funding contributions with cash, company equity, and borrowing all took place in 2017. With tax reform finalized, several members of the $20 billion club have ...
Under MPRA, rather than relying on bailouts from the Pension Benefit Guaranty Corporation (PBGC) — the federal agency that guarantees pension benefits — trustees of at-risk pension plans could submit an application to the federal government to propose a reduction of benefits. While these benefits ...
I am hopeful that we can achieve a comprehensive and permanent solution that protects earned pensions, protects taxpayer dollars, prevents the insolvency of the Pension Benefit Guaranty Corporation, and alleviates pressure on employers.” “Senator Portman has worked consistently behind the scenes to ...
“I am hopeful that we can achieve a comprehensive and permanent solution that protects earned pensions, protects taxpayer dollars, prevents the insolvency of the Pension Benefit Guaranty Corporation, and alleviates pressure on employers.” The 16-member House-Senate commission, created at the ...
House Speaker Paul Ryan (R-Wisconsin) announced his appointees to the Joint Select Committee on the Solvency of Multiemployer Pension Plans, charged with improving the solvency of multiemployer pension plans and the Pension Benefit Guaranty Corporation (PBGC). His appointees include: Rep.
House Speaker Paul Ryan (R-Wisconsin) announced his appointees to the Joint Select Committee on the Solvency of Multiemployer Pension Plans, charged with improving the solvency of multiemployer pension plans and the Pension Benefit Guaranty Corporation (PBGC). His appointees include: Rep.
Joe Manchin and three other Democrats will serve on a joint committee focused on multiemployer pension plans. The committee will recommend actions to take affecting the Pension Benefit Guaranty Corporation, which protects the pension plans from the private sector, and multiemployer pension plans.
As I have noted repeatedly, funding of the state pension systems is so bad that had they been in the private sector, the Pension Benefit Guaranty Corporation (PBGC), and arm of the federal government would have taken them over with retirees getting a much lower check each month than they receive ...
The Pension Benefit Guaranty Corporation (PBGC) is a US government agency created by the Employee Retirement Income Security Act of 1974 (ERISA). The PBGC provides a backstop for the retirement incomes of 40 million American workers in nearly 24,000 private sector defined benefit pension plans.
Schumer also appointed his four members to the select committee on pension plans, which is tasked with improving “the solvency of multiemployer pensions and the Pension Benefit Guaranty Corporation.” The PBGC says its program to pay promised benefits in the event multiemployer plans, which cover ...
The Pension Benefit Guaranty Corporation (PBGC) has expanded its Missing Participants Program to terminated defined contribution plans (previously it was limited to certain defined benefit plans) to connect more missing participants and beneficiaries to their retirement benefits. The expanded program is ...
Mortality Tables. The IRS recently issued new mortality tables that apply to defined benefit plans in 2018. The new tables have lower mortality rates than the current table, and will likely increase pension plan funding liabilities and Pension Benefit Guaranty Corporation premiums. Plan sponsors must use ...
The Budget Act establishes a bipartisan Committee made up of eight House and eight Senate members tasked with addressing the solvency issues confronting multiemployer pension plans and the Pension Benefit Guaranty Corporation. It directs the Committee to provide recommendations to address the ...
The plan is terminated, and taken over by the Pension Benefit Guaranty Corporation (PBGC). The PBGC is a federal insurance agency funded by premiums from pension plans to protect participants in private-sector defined-benefit plans. If a pension does not have sufficient funds to pay retirees, the PBGC ...
“The goal of the joint committee is to improve the solvency of multiemployer pension plans and the Pension Benefit Guaranty Corporation,” according to language in the Budget Act. But solving the existential threat to as many as 200 collectively bargained multiemployer pensions and the PBGC—the ...
The rationale for employers to consider additional funding was motivated by many factors — increasing Pension Benefit Guaranty Corporation (PBGC) premiums, growing interest in de-risking strategies, desire to smooth out future contributions and in some cases, the anticipation of lower future corporate ...
"Those plans would be taken over by the Pension Benefit Guaranty Corporation (PBGC). The PBGC is a federal government agency that guarantees payment of basic pension benefits earned by millions of American workers and retirees participating in over 29,000 private-sector defined benefit pension plans," said Van ...
Last November, Congressional Democrats introduced the Butch Lewis Act, which they said is legislation that “establishes a legacy fund within the Pension Benefit Guaranty Corporation [PBGC} to ensure that multiemployer pension plans can continue to provide pension benefits to every eligible American ...
"Over the past several years, I've consistently made clear to my colleagues that there is a looming multiemployer pension crisis in America, and responsible reforms are needed to protect retiree benefits, ensure the solvency of the Pension Benefit Guaranty Corporation, and allow participating employers to ...
According to the Pension Benefit Guaranty Corporation's 2016 Projections Report, issued in August, its Single-Employer Program (plans created and maintained by one company or closely affiliated companies) is improving, but its Multiemployer Program (plans created and maintained by two or more ...
In addition, he said, if the $100 million contribution were used to reduce a vested funding deficit, as used for Pension Benefit Guaranty Corporation (PBGC) purposes, the sponsor could save nearly $4 million in PBGC premiums each year that the contributions are accelerated. Owens said this reduction only ...
(The fee would increase an unspecified amount for repeat applicants.) Those fees go to the Pension Benefit Guaranty Corporation (PBGC), a government agency that insures the private retirement plans of 40 million U.S. workers. Deutsche bank Justic Dept settlement Deutsche Bank AG said Friday it had ...
Worse still, the insurance scheme established to back those schemes is on course to run out of money by 2025, according to the Pension Benefit Guaranty Corporation. It is hard to cut workers' benefits and painful to increase contributions. Schemes hope to square the circle by earning a high return from ...
On his reading, the Pension Benefit Guaranty Corporation (PBGC), which insures corporate and union pensions in the U.S., has admitted this much in its most recent reporting. Pointing specifically to the 2017 Annual Report of the Participant and Plan Sponsor Advocate, for example, Cohen says he is ...
On his reading, the Pension Benefit Guaranty Corporation (PBGC), which insures corporate and union pensions in the U.S., has admitted this much in its most recent reporting. Pointing specifically to the 2017 Annual Report of the Participant and Plan Sponsor Advocate, for example, Cohen says he is ...
If they face a shortfall, the federal Pension Benefit Guaranty Corporation (PBGC) provides a backstop that would give most retirees the vast majority of the money they're owed. This is not the case for the roughly 10 million workers and retirees in multi-employer plans—often in industries such as construction ...
The Pension Benefit Guaranty Corporation (PBGC) is required to amend its regulations annually to adjust for inflation the maximum civil penalty for failure to provide certain notices or other material information and for failure to provide certain multiemployer plan notices. As such, the agency has issued a ...


 

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