Changes afoot for ERISA "reportable event" rules

As many as 90% of pension plans and pension plan sponsors may soon have fewer "reportable events" to track and report to the Pension Benefit Guaranty Corp (PBGC), if certain proposed changes to the PBGC regulations are finalized this summer. The PBGC is a wholly owned US government corpora...

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Bibliographic Details
Published inEmployee Benefit Plan Review Vol. 68; no. 1; p. 16
Main Authors Hamilton, Mark T, Thomas, Kellie M
Format Journal Article Trade Publication Article
LanguageEnglish
Published New York Aspen Publishers, Inc 01.07.2013
Subjects
Bankruptcy
Dividends
ERISA
Funding
Harbors
Insolvency
International finance
Laws, regulations and rules
Pension plans
Pensions
Regulatory agencies
Revisions
Safe harbor
Waivers
United States > US
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Summary:As many as 90% of pension plans and pension plan sponsors may soon have fewer "reportable events" to track and report to the Pension Benefit Guaranty Corp (PBGC), if certain proposed changes to the PBGC regulations are finalized this summer. The PBGC is a wholly owned US government corporation and an agency of the US that administers the private-sector defined benefit pension plan termination insurance program under Title IV of the Employee Retirement Income Security Act of 1974, as amended. In fulfilling these obligations, the PBGC monitors the status of such pension plans to pick up on early alerts of adverse changes in the plan or the plan sponsor that would enable it to mitigate such changes. Under the revised regulations, reporting would be waived for most events covered by the funding-based waivers currently in existence under the regulations if a plan or its sponsor falls under one of two financial soundness safe harbors.
ISSN:0013-6808