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PBGC issues new proposed rule on reportable events

USA - April 11 2013 Section 4043 of the Employee Retirement Income Security Act of 1974 (ERISA) requires the plan sponsor or plan administrator of a defined benefit plan…

Linda J. Haynes

IRS extends deadline for amending plans for PPA funding-based restrictions… again

USA - November 28 2012 Internal Revenue Code Section 436, as added by the Pension Protection Act of 2006 (PPA), included provisions that limit the ability of defined benefit pension plans that fall below certain funding levels from increasing plan benefits or paying plan benefits in an accelerated form, generally effective for plan years beginning on or after January 1, 2008

Fredric S. Singerman

PBGC announces new enforcement approach for assessing funding liability upon facility shutdown or other cessation of operations

USA - November 15 2012 Section 4062(e) of the Employee Retirement Income Security Act of 1974 (ERISA) imposes liability on a defined benefit plan sponsor that ceases operations at a facility if, as a result, more than 20% of active participants in the plan are separated from employment.

Fredric S. Singerman

IRS final regulations allow pension plan sponsors in bankruptcy to eliminate prohibited payment options

USA - November 13 2012 Under Section 436 of the Internal Revenue Code, a single employer defined benefit plan sponsored by a company in bankruptcy cannot pay any “prohibited payments” (e.g., lump sums, Social Security level income annuity payments) if the plan is less than 100% funded.

Linda J. Haynes

IRS provides guidance on lump sum window periods for defined benefit plans

USA - July 26 2012 This spring, Ford Motor Company and General Motors made headlines by announcing that they intended to reduce pension liability by offering a “window opportunity” to permit retirees and terminated vested participants to elect a cash out of their pension benefits.

Fredric S. Singerman