PBGC issues final regulations on reportable events

Article Abstract:

The Pension Benefit Guaranty Company (PBGC) has outlined the final guidelines on reporting requirements concerning a defined benefit plan's funding deficiency that administrators and plan sponsors must obey. The new rules specify that plan sponsors and administrators update the PBGC within 30 days of coming into knowledge of a reportable event such as a reduction in active participants or a failure in minimum funding unless an extension or a waiver applies. Advance notification of 30 days before the event is needed in events such as a controlled group change, a liquidation, an unusual stock redemption, or a bankruptcy.

Laws, regulations and rules, Retirement benefits

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PBGC pension reform legislation

Article Abstract:

The Clinton Administration has proposed the Retirement Protection Act of 1993 to increase the required level of funding for defined benefit plans and to increase the ability of the Pension Benefit Guaranty Corp. to meet the requirements of plan participants. The bill has been attached to the GATT. It was strongly opposed by the business community because employers were required to make minimum funding contributions. The key provisions of the bill that were amended due to the lobbying of business community is presented.

Health aspects, Finance, Clinton, Bill

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Dependent care nondiscrimination testing and compliance

Article Abstract:

All employer-sponsored dependent care plans have to conduct a specific and quantitative test to ensure that they are not discriminating in favor of highly compensated employees. Unfortunately, such nondiscriminatory tests are often improperly performed because they are confusing. A case study is presented to illustrate the implementation of nondiscrimination testing. Compliance alternatives for firms that fail the tests are also discussed.

Testing, Employee benefits, Employment discrimination, Employer-supported day care, Employer supported child care

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