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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.
Multiemployer plans untangle reforms
trueSome multiemployer pension fund executives are trying to figure out whether to take advantage of a controversial new reform law that allows potential benefit cuts for participants and retirees. Others are hoping for further reforms to allow for alternative plan designs.
PBGC gains additional pension funding for Safeway plan
trueSafeway Inc. will contribute an additional $212 million to its largest pension plan in a settlement with the Pension Benefit Guaranty Corp., the agency announced Friday.
PBGC assumes Hovensa pension plan
trueThe Pension Benefit Guaranty Corp. is assuming the defined benefit plan of Hovensa LLC, which is headquartered on St. Croix in the U.S. Virgin Islands and also owns a former oil refinery and an oil storage terminal there.
PBGC seeks special services investment manager for terminated plan assets
trueThe Pension Benefit Guaranty Corp. is looking for a special situations investment manager for its trust fund.
PBGC urged to listen more to constituents, take less adversarial stance
trueThe Pension Benefit Guaranty Corp. needs to listen more to plan executives and participants instead of taking an adversarial approach, the agency’s participant and plan sponsor advocate said in a report issued Wednesday.
Congress did the right thing to protect multiemployer plans
trueCongress made the right decision to allow severely financially distressed multiemployer pension plans to cut retiree benefits.