Search Results for keywords:"Pension Benefit Guaranty Corporation"

The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule to change its Privacy Act regulations by exempting a specific system of records from disclosure obligations. This system, called PBGC-19, is used for managing legal case records that support investigations into possible violations of laws. The rule allows PBGC to withhold certain investigatory records to maintain the confidentiality and integrity of their investigations. Effective January 6, 2025, these changes are designed to prevent interference with PBGC's legal processes and protect individuals' privacy.

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) plans to ask the Office of Management and Budget (OMB) to extend approval for collecting information to determine if a pension plan is covered under title IV of the Employee Retirement Income Security Act of 1974 (ERISA). They are making changes to the Request for Coverage Determination form to improve clarity and remove outdated references. The PBGC invites public comments on the necessity and efficiency of the information collection and aims to reduce the burden on respondents. By May 9, 2025, comments can be submitted through the Federal eRulemaking Portal or by email.

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) 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.

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) 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 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.

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 (PBGC) has issued a final rule to adjust the maximum civil penalties for inflation, as required by federal law. These adjustments, effective January 13, 2021, apply to penalties related to failure to provide certain required notices under the Employee Retirement Income Security Act (ERISA). The maximum penalty under ERISA section 4071 is now $2,259, and the maximum under section 4302 is $301. This change is part of an annual process to ensure penalties keep pace with inflation.