Search Results for keywords:"pension plans"

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Search Results: keywords:"pension plans"

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  • 2024-29105 — Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets; Expected Retirement Age; Missing Participants Mortality Assumption
    Type:Rule
    Citation:89 FR 104040
    Reading Time:about 5 minutes

    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.

    Simple Explanation

    The Pension Benefit Guaranty Corporation (PBGC) has updated some rules to help figure out when people can start using their retirement money if their company's plan is closing. They've made new charts to make these calculations for 2025 and also added rules for handling missing people from retirement plans.

  • 2021-01741 — Submission of Information Collection for OMB Review; Comment Request; Disclosure of Termination Information
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    Type:Notice
    Citation:86 FR 7316
    Reading Time:about 3 minutes

    The Pension Benefit Guaranty Corporation (PBGC) is seeking to renew an approval from the Office of Management and Budget (OMB) for collecting information on the disclosure of termination information under its regulations for distress and PBGC-initiated terminations. This notice invites public feedback on this information collection by February 26, 2021. The PBGC estimates that around 70 pension plans will undergo such terminations annually, with requests for information expected from participants or other parties related to approximately 16 of these plans per year. The OMB control number for this collection is 1212-0065, and it expires on March 31, 2021.

    Simple Explanation

    In a government notice, the Pension Benefit Guaranty Corporation is asking to keep gathering some information about certain pension plans ending, but they need permission to continue doing so. They want people to share what they think about this by February 26, 2021.