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Moody's: PBGC multiemployer deficit is a credit negative for plan sponsors
trueA growing deficit in the Pension Benefit Guaranty Corp.'s multiemployer pension program is a credit negative for multiemployer plan sponsors, Moody's Investors Service said in a report issued Monday.
PBGC deficits rise in fiscal year 2015, annual report says
trueDeficits in both single-employer and multiemployer pension programs increased for the fiscal year ended Sept. 30, the Pension Benefit Guaranty Corp. reported in its annual report released Tuesday.
PBGC rate hikes moving DB plans into danger zone
trueSharply higher Pension Benefit Guaranty Corp. premiums resulting from the new federal budget deal will push more employers to shrink or terminate their defined benefit plans, moves that also will further erode the agency's shaky finances, industry observers said.
Senate approves budget deal raising PBGC premiums
trueThe Senate approved a budget deal Friday that raises PBGC premiums and makes it easier for the IRS to audit hedge funds and private equity partnerships.
PBGC maximum guarantee unchanged for 2016
trueAnnual maximum guaranteed benefits for terminated single-employer plans will stay the same in 2016, the Pension Benefit Guaranty Corp. announced Wednesday.
House approves large PBGC premium hikes in budget deal
trueThe House of Representatives approved a bipartisan budget deal late Wednesday that calls for significantly higher premiums paid by single employers to the Pension Benefit Guaranty Corp., in a 266-167 vote.
Proposed budget will increase PBGC premiums 22% over 3 years
trueFurther hikes in PBGC premiums will help pay for a federal budget bill agreed to by the White House and congressional leaders late Monday.
Flat-rate PBGC premium to jump 12% for 2016
truePremiums paid by defined benefit plan sponsors to the Pension Benefit Guaranty Corp. will rise to $64 per person for plan years beginning in 2016, up from a 2015 rate of $57, the agency announced Monday.
Reeder confirmed as PBGC director
trueW. Thomas Reeder Jr. was confirmed as director of the Pension Benefit Guaranty Corp. by the Senate on Thursday.
Central States Teamsters pension fund seeks permission to cut benefits
trueThe Teamsters Central States, Southeast & Southwest Areas Pension Fund, Rosemont, Ill., is seeking permission to cut benefits for participants, including retirees, as part of a proposed rescue plan awaiting approval from the Treasury Department. The pension fund had assets of $17.8 billion as of ...
PBGC projects extended solvency for multiemployer program
trueThe PBGC’s multiemployer pension plan program got three more projected years of grace before running out of money, primarily due to increased premiums dictated by the Multiemployer Pension Reform Act of 2014, according to the agency’s FY 2014 Projections Report released Monday. The single-employer ...
PBGC finalizes reportable events rule; focuses on plans at highest default risk
truePension plan sponsors posing the greatest risk of defaulting will be the focus of new, “reportable events” rules from the Pension Benefit Guaranty Corp. expected Friday.
Retirees, experts testify at Multiemployer Pension Reform Act hearing
trueFederal regulators charged with implementing the Multiemployer Pension Reform Act of 2014 heard from concerned retirees and pension experts Thursday during a hearing convened by the IRS.
Sears reaches agreement with PBGC
trueSears Holdings Corp. reached a five-year agreement with the Pension Benefit Guaranty Corp. to protect pension fund assets following a REIT joint venture with Seritage Growth Properties, the company announced Friday.
PBGC takes over Standard Register pension fund
trueThe Pension Benefit Guaranty Corp. is assuming the defined benefit plan of Standard Register Co., a printing and marketing communications firm based in Dayton, Ohio.