Prop. regs. require that employers notify participants and PBGC of name of insurer selected to provide annuities on termination of defined benefit plans

Article Abstract:

The Pension Benefit Guaranty Corp. (PBGC) has proposed regulations requiring plan administrators to inform participants and PBGC of the insurers from whom annuities or other irrevocable commitments can be purchased before termination of the plan. The plan benefit liabilities will be satisfied by this notice if given at least 60 days before plan assets are distributed or 45 days before termination in supplemental notice if insurers are not known. PBGC's guarantee ends with the purchase of an irrevocable commitment.

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PBGC releases semiannual regulatory agenda

Article Abstract:

The Pension Benefit Guaranty Corp (PBGC) has issued its semiannual list of projects for pension regulations. The list includes updated mortality assumptions, PBGC trusteeship of terminated plans, forms for notice of payment failures and standard terminations of single-employer plans. Abatement of withdrawal liability is covered by a rule for plans to make their own rules for complete withdrawal and a rule for partial withdrawal due to termination of obligations.

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Chandler introduces administration-supported pension protection legislation

Article Abstract:

Rep Rod Chandler has introduced Pension Protection in Bankruptcy Act of 1991 (HR 3843) into the House to increase stability and priority of pension plans in bankruptcy proceedings. The bill would give the Pension Benefit Guaranty Corp (PBGC) tax due priority and a management role in bankruptcy proceedings. These provisions would allow PBGC to collect from employers to cover bankrupt pensions rather than relying on taxpayer assistance for financial stability.

Interpretation and construction, Bankruptcy law

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