Pension interest rate stabilization provisions and premium increases for Pension Benefit Guaranty Corporation (PBGC) insurance are included in the “Moving Ahead for Progress in the 21st Century Act” (MAP-21) that the president signed into law on July 6. The agreement the House and Senate reached on the bill (H.R. 4348) also includes
- Additional required disclosures to defined benefit (DB) plan participants about the interest rate changes
- An extension for retiree health transfers
- An expansion of such transfers to fund retiree life insurance
- Changes to the governance and operations of the PBGC
For more, read the Client Action Bulletin.