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PBGC reaches settlement with Saint-Gobain to prevent pension plan takeover
trueThe PBGC has reached a settlement that will allow Saint-Gobain Containers Inc. to continue as the sponsor of its pension plan following threats by the agency to take possession of the plan.
PBGC proposes rollover help
trueParticipants in defined contribution plans could combine those assets with their defined benefit plans without worrying about federal guarantee limits, under a plan to be proposed Wednesday by the Pension Benefit Guaranty Corp.
PBGC issues call for custodian
truePension Benefit Guaranty Corp. issued an RFP for a custodian for its $60 billion in trust fund investment assets.
Obama's 2015 budget limits retirement tax deductions, increases PBGC premiums
truePresident Barack Obama's 2015 federal budget, unveiled Tuesday, calls for a 28% limit on retirement-related tax deductions and an overall cap on all retirement accounts, including pensions, that could bring in $1 billion per year in new tax revenue.
Playing offense could net PBGC $95 million in Revstone case
trueThe Pension Benefit Guaranty Corp.’s campaign to recover pension assets of Revstone Industries LLC — a case involving several defined benefit plans, civil and bankruptcy court litigation, and lots of moving parts — appears headed for success.
PBGC plans emerging markets equity search
trueThe PBGC plans to issue an RFP around Feb. 27 for an emerging markets equity manager, according to a posting on the agency website.
PBGC to begin custody search
trueThe PBGC will issue an RFP on or around Feb. 21 for a custodian.
PBGC to take over Constar pension fund in sale
trueThe PBGC will take over the defined benefit pension fund of Constar Inc., the agency announced Wednesday.
PBGC eyes little-used tool for plan insolvencies
truePBGC management hopes to take greater advantage of a little-used tool for restructuring multiemployer pension plans, as the number of candidates likely to seek the agency's help grows.
PBGC restructures multiemployer plan, takes over Hostess payments
trueThe Pension Benefit Guaranty Corp. restructured a multiemployer pension plan and took over benefit payments for former Hostess Brands participants, allowing the Bakery and Sales Drivers Local 33 Industry Pension Fund in Baltimore to remain solvent, the agency announced Friday.
Diamonte joins PBGC advisory committee
trueRobin Diamonte has been appointed by President Barack Obama to the Pension Benefit Guaranty Corp.'s advisory committee. PBGC officials consult with the seven-member panel on agency investments, trusteeship of terminated plans and other matters.
No new PBGC premium hikes in spending bill
trueHouse and Senate appropriators produced an omnibus spending bill late Monday that funds the U.S.government through September without another hike in PBGC premiums or other surprises.
PBGC changes payment schedule on premiums to once a year
trueThe PBGC announced Friday it would no longer require large single-employer and multiemployer defined benefit pension plans to pay their premiums twice a year.
Congress smacks pension plans with PBGC premium increase
trueCorporate defined benefit plan sponsors are feeling picked on by Congress.
Senate passes budget deal
trueThe Senate late Wednesday passed a two-year budget deal that calls for raising premiums paid to the PBGC and increasing federal employee retirement contributions to help offset spending hikes.