Regulation
PBGC Names Nicholas Novak Permanent Inspector General
He had been the agency’s acting inspector general since April.
Tag: Pension Benefit Guaranty Corporation
Pensions
House Includes Pension Reform Plan in COVID-19 Relief Bill
The provision would beef up the PBGC and provide a boost for multiemployer and single-employer plans. But it would also freeze COLAs.
Pensions
Outlook Improves for Multiemployer Reform in 2021, 2022
Democratic control of Congress could help break the deadlock over passing legislation to protect pensions and the PBGC.
Pensions
PBGC Approves Merger to Aid Struggling Multiemployer Plan
The settlement is intended to help protect 50,000 Giant, Safeway employees and retirees in the Washington, D.C., area.
Research
PBGC Pension Programs Continue Divergence
The pension lifeboat’s multiemployer plan is five years from insolvency, while the single-employer plan remains robust.
Pensions
Time Runs Out for Multiemployer Pension Reform in 2020
Senators Grassley and Alexander say it’s too late to include their plan in year-end legislation.
Regulation
Court Rules Pensions Can’t Exist in a State of Limbo
In ‘most unusual case,’ judges back PBGC and find that someone must be held responsible for a pension even if the sponsor is long gone.
Asset Management Culture
Two More Pension Funds Apply to Treasury Department for Benefits Cuts
Arizona Bricklayers’ fund submits its first application, while Michigan Carpenters’ fund applies for the second time.
Asset Management Culture
J.C. Penney Completes Pension Liabilities Transfer to PBGC
The long-beleaguered American retailer is offloading its obligations as part of a sale to mall operators Brookfield and Simon Property.
Regulation
PBGC to Allow Greater Flexibility for Variable-Rate Premium Filings
Agency said move was needed because CARES Act didn’t provide special rules for PBGC premiums.
Asset Management Culture
Pension Buyouts a Relative Bargain, Says Mercer
Tweaking of Pension Buyout Index shows annuity buyouts cost less than accounting liabilities.
Pensions
PBGC Multiemployer Program to Become Insolvent by 2026
Agency warns that without legislation, it won’t be able to provide financial assistance to 1,400 plans.
Asset Management Culture
PBGC to Pay Pension Benefits for McClatchy
Pension lifeboat takes over defined benefit plan covering 24,000 current and future retirees.
Regulation
Second Contracting Firm Exec Pleads Guilty to PBGC Bribery Conspiracy
COO James Girardi admitted he was aware of illicit arrangement between CEO and PBGC official.
Newsmakers
Senators Urge Pelosi to Include Pension Fix in Next Stimulus Package
However, Senate Majority Leader Mitch McConnell has objected to providing funds to fix pension issues.