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PBGC looks to reduce reporting waivers for large plans
trueFewer large defined benefit plan sponsors will be able to skip Section 4010 reporting under a rule change the PBGC will propose shortly.
PBGC director nominee lays out agenda to Senate Finance Committee
truePBGC director nominee W. Thomas Reeder Jr. will work to increase retirement savings and help multiemployer plans if he becomes director of the Pension Benefit Guaranty Corp., Mr. Reeder said at his confirmation hearing Thursday before the Senate Finance Committee.
Senate Finance to interview PBGC nominee
trueThe Senate Finance Committee scheduled a hearing July 23 on the nomination of W. Thomas Reeder Jr. to serve as director of the Pension Benefit Guaranty Corp.
Mine Workers plan sues Peabody, Arch Coal for withdrawal liability
trueThe United Mine Workers of America 1974 Pension Plan filed a lawsuit Thursday to force Peabody Energy Corp. and Arch Coal Inc. to negotiate withdrawal liability for the underfunded pension plan before a bankruptcy sale sought by Patriot Coal Corp. is approved.
Multiemployer funds, PBGC face hurdles with partition
trueTrustees of struggling multiemployer pension funds have a narrow window of opportunity to do more than just cut benefits in order to survive, if they can take advantage of the Pension Benefit Guaranty Corp. partition program before the agency itself runs out of money, benefits experts said.
PBGC files liens against Times Publishing
trueThe PBGC filed liens against the Times Publishing Co., for $30.5 million in missed pension fund contributions and related interest and penalties.
PBGC chooses inspector general
trueRobert Westbrooks was named inspector general of the Pension Benefit Guaranty Corp.
Treasury Department preps regulations for implementing multiemployer law
trueThe Treasury Department on Wednesday released proposed and temporary regulations for implementing the Multiemployer Pension Reform Act of 2014, which among other things, allows severely distressed plans to reduce benefits and allows the Pension Benefit Guaranty Corp. to partition some plans to save ...
PBGC opens money management door to smaller firms
trueThe PBGC is launching a pilot program to give smaller firms a chance to manage some of its $85 billion trust fund portfolio, starting with fixed income, agency officials said Monday at a pre-bid conference in Washington.
President Obama taps Thomas Reeder as PBGC director
truePresident Barack Obama will appoint W. Thomas Reeder Jr. to serve as director of the Pension Benefit Guaranty Corp.
PBGC to pay $5.5 million to retired US Airways pilots
trueThe PBGC will pay $5.25 million to a group of retired US Airways pilots whose lump-sum payments were delayed, under a class-action settlement approved by the U.S. District Court for the District of Columbia.
Employers must disclose pension derisking efforts to PBGC
trueEmployers that derisk their pension funds now have to disclose risk transfer information to the Pension Benefit Guaranty Corp. as part of paying their annual pension insurance premiums to the federal agency.
PBGC study: Multiemployer benefit cuts will be deeper
trueMore than half of multiemployer plan participants will have their benefits reduced if their plans become insolvent and rely on government guarantees in the near future, said a study released Wednesday by the Pension Benefit Guaranty Corp.
Obama appoints new chairwoman of PBGC advisory committee
trueJoyce Mader was named chairwoman of the Pension Benefit Guaranty Corp.’s advisory committee on Tuesday.
Aon Hewitt: Use of settlements in DB plans to surge this year
trueAlmost two-thirds of employers plan to take actions this year to limit rising Pension Benefit Guaranty Corp. premiums, mostly electing settlement strategies, said a new survey from Aon Hewitt.