MAP-21: Pension interest rate stabilitization, PBGC increases
By Employee Benefit Research Group
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.