Search Results for agency_names:"Pension Benefit Guaranty Corporation"

The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule updating how it calculates the value of payments owed to people in closing single-employer pension plans. This change affects how these values, based on interest rates, are calculated from January 31, 2025, to April 29, 2025. The new rule specifies the methods for aligning these calculations with current market rates to ensure they accurately reflect group annuity prices. The rule takes effect on January 31, 2025, and was released without the typical public comment period to expedite its implementation and align these interest assumptions with market changes.

The Pension Benefit Guaranty Corporation (PBGC) is proposing a rule to make technical corrections, clarifications, and improvements to its regulations. These changes involve rules about premium rates, premium payments, and the termination of single-employer plans, stemming from PBGC's review of its existing regulations and adjustments needed due to recent statutory changes. Key updates include revisions to premium rate calculations to align with the SECURE Act, clarifications on termination processes for pension plans, and the push for more electronic submission of forms and documents. These proposals aim to enhance clarity and efficiency while remaining cost-neutral overall.

The Pension Benefit Guaranty Corporation (PBGC) has announced the appointment of new members to its Performance Review Board. This board is tasked with reviewing and making recommendations on the annual performance ratings of senior-level professionals at PBGC. For the year 2020, the board members include Gordon Hartogensis (Director), Kristin Chapman (Chief of Staff), David Foley (Chief of Benefits Administration), Patricia Kelly (Chief Financial Officer), and Alice Maroni (Chief Management Officer). The Performance Review Board plays a crucial role in assessing performance and determining any performance-based adjustments and awards.

The Pension Benefit Guaranty Corporation (PBGC) is planning to ask the Office of Management and Budget (OMB) to continue approving its information collection efforts related to multiemployer pension plans, following the Paperwork Reduction Act guidelines. The PBGC seeks public comments on whether the proposed data collections are useful, accurately estimated in terms of burden, clearly presented, and minimize respondent burden. This includes specific regulations under the Employee Retirement Income Security Act of 1974, such as reporting requirements for terminating or insolvent plans and related notices that help PBGC manage financial assistance needs. Comments can be submitted by May 9, 2025, through various methods, including the Federal eRulemaking Portal and email.

The Pension Benefit Guaranty Corporation (PBGC) has announced the members of its 2024 Performance Review Board, responsible for evaluating senior professionals' performance and advising on ratings and awards. The new board members include Ann Orr, David Foley, Patricia Kelly, and Alice Maroni. This announcement was made by Ann Y. Orr, the Acting Director of PBGC.

The Pension Benefit Guaranty Corporation issued a final rule to adjust the maximum civil penalties for certain violations, in line with the Federal Civil Penalties Inflation Adjustment Act of 2015. This adjustment is required annually to account for inflation and affects penalties under specific sections of the Employee Retirement Income Security Act (ERISA). For 2025, the penalty amounts have increased to $2,739 under section 4071 and $365 under section 4302. These adjustments apply to penalties assessed after January 8, 2025.

The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule that amends regulations concerning the allocation of unfunded vested benefits to employers that withdraw from multiemployer pension plans. This rule, in response to changes made by the Multiemployer Pension Reform Act of 2014, simplifies how employers' withdrawal liabilities are calculated, especially when a pension plan has reduced benefits or adjusted contributions. The changes aim to make it easier for plan sponsors to comply with statutory requirements while reducing administrative burdens. The new rules apply to employer withdrawals that occur in plan years starting on or after February 8, 2021.

The Pension Benefit Guaranty Corporation published a correction for a rule document regarding the allocation of assets in single-employer plans. In the original document, which appeared in the Federal Register on April 3, 2025, there was a typographical error on page 14577 under the SUPPLEMENTARY INFORMATION section. The word "assumption" should have been written as "assumptions". This correction has been formally noted in the Federal Register on April 8, 2025.

The Pension Benefit Guaranty Corporation (PBGC) has released a final rule amending regulations for pension plans facing financial difficulties or closure. This update introduces a new table to determine the expected retirement ages of participants in plans with valuation dates in 2025, which helps calculate early retirement benefits. Additionally, the rule provides a mortality assumption for PBGC's program dealing with missing participants in pension plans for the upcoming year. PBGC determined that no public comment was necessary for these routine changes and that the updates are effective from January 1, 2025.

The Pension Benefit Guaranty Corporation (PBGC) has received approval from the Office of Management and Budget (OMB) for several information collections related to their regulations. The notice provides details on these collections, including their OMB control numbers and expiration dates. The Paperwork Reduction Act requires these control numbers to be displayed and informs the public about the approved information collections. This ensures compliance and transparency regarding the PBGC's management of regulatory information.