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Posts Tagged ‘PBGC’

Regulatory roundup

August 4th, 2014 No comments

More retirement-related regulatory news for plan sponsors, including links to detailed information.

IRS private letter ruling on lump sum window for those in pay status will not violate MDR
The Internal Revenue Service (IRS) recently released a private letter ruling (PLR 201431034) stating that a lump sum window for participants in pay status will not violate minimum distribution requirements (MDR).

According to the PLR:

Under the amendment, the Covered Individuals would have a specified limited window period of no more than 180 days during which they could elect to receive in lieu of their current annuity what Company A represents is the actuarial present value of their remaining benefits under the aforementioned Plans, in the form of a single lump sum payment. The window period may consist of multiple phases, such as an opt-in phase during which Covered Individuals would have the opportunity to proceed through the remainder of the window program and an election phase during which Covered Individuals could elect to receive, in lieu of their current annuity, the actuarial present value of their remaining annuity payments in the form of an immediate lump sum, and the extent the law requires, a qualified joint and survivor annuity (including a single annuity for retirees who are not married), or a qualified optional survivor annuity.

To read the entire private letter ruling, click here.

Social Security trustees retain projected year of trust fund reserve depletion
The Social Security Board of Trustees recently released its annual report on the long-term financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2033, unchanged from last year, with 77% of benefits still payable at that time. The DI Trust Fund will become depleted in 2016, also unchanged from last year’s estimate, with 81% of benefits still payable.

To read the entire report, click here.

PBGC creates online resource guide on choosing between lump sum or annuity
The Pension Benefit Guaranty Corporation (PBGC) recently created an online resource that provides information to assist with “Making a choice: Lump sum or annuity?”

The new resource page allows the public to get some insight on key questions that should be answered when making this important decision and offers other hypothetical scenarios.

To read the entire guide, click here.

401(k) plans: Improvements can be made to better protect participants in managed accounts
The U.S. Government Accountability Office (GAO) has issued the report “401(k) plans: Improvements can be made to better protect participants in managed accounts.” The report reviews eight managed account providers that represented an estimated 95% of the industry involved in defined contribution plans in 2013, showing that the providers varied in how they structured managed accounts, including the services they offered and their reported fiduciary roles.

To read the entire report, click here.

IRS posts three FAQs regarding EGTRRA determination letter program for preapproved plans
The IRS has posted three new frequently asked questions (FAQs) regarding the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) determination letter program for preapproved plans.

Question #4: “If I file a determination letter application for my pre-approved defined benefit plan by April 30, 2012, and the Service determines that additional remedial amendments are needed, will I have time to adopt the amendments?”
Question #6: “I am an adopter of a volume submitter plan and I wish to make certain changes to the pre-approved document. When I file a determination letter application, must I incorporate these changes in the pre-approved plan document or may I make the changes as separate amendments to the plan?”
Question #8: “I am filing Form 5310 to terminate my EGTRRA-approved M&P or volume submitter plan. Must I include copies of interim amendments with my application?”

Regulatory roundup

July 15th, 2014 No comments

More retirement-related regulatory news for plan sponsors, including links to detailed information.

MAP-21 pension extension moves in highway trust fund bills from congressional panels
The U.S. House Ways and Means Committee has approved by voice vote a bill (H.R.5021) that would provide highway funding through May 2015 in part by using about $6.4 billion from an extension of the Moving Ahead for Progress in the 21st Century (MAP-21) Act pension funding stabilization provision. The House is expected to vote on the “Highway and Transportation Funding Act” next week.

Regarding the pension smoothing provisions, the House bill, as described by the Joint Committee on Taxation, revises the specified percentage ranges (that is, the range from the applicable minimum percentage to the applicable maximum percentage of average segment rates) for determining whether a segment rate must be adjusted upward or downward. Under the proposal, the specified percentage range for a plan year is determined by reference to the calendar year in which the plan year begins as follows:

• 90% to 110% for 2012 through 2017
• 85% to 115% for 2018
• 80% to 120% for 2019
• 75% to 125% for 2020
• 70% to 130% for 2021 or later

In addition, for purposes of the additional information that must be provided in a funding notice for an applicable plan year, an applicable plan year includes any plan year that begins after December 31, 2011, and before January 1, 2020, and that otherwise meets the definition of applicable plan year.

To read the Congressional Budget Office’s report on the bill, click here.

PBGC issues moratorium on 4062(e) enforcement
The Pension Benefit Guaranty Corporation (PBGC) has announced a moratorium, until the end of 2014, on the enforcement of 4062(e) cases. The moratorium will enable PBGC to ensure that its efforts are targeted to cases where pensions are genuinely at risk. The six-month period will also allow the PBGC to work with the business community, labor, and other stakeholders.

During the moratorium, from July 8 to December 31, 2014, PBGC will cease enforcement efforts on open and new cases. Companies should continue to report new 4062(e) events, but PBGC will take no action on those events during the moratorium.

For more information, click here.

GAO report: Private pensions: Targeted revisions could improve usefulness of Form 5500 information
In a two-phase online U.S. Government Accountability Office (GAO) survey, stakeholders identified problems with the usefulness, reliability, and comparability of data from the Form 5500 (see table in report). Despite longstanding concerns with the Form 5500—the annual report that employee benefit plans file with the federal government—agency officials have made only minimal changes over the last three years.

Key challenges identified with Form 5500:

• Weaknesses in the format
Plan asset categories break out plan assets differently from the investment industry, and provide little insight into plan investments, their structures, or the levels of associated risk. In particular, the majority of respondents indicated that the “other” plan asset category in the form is too broad because it can include many disparate types of investments. Respondents also indicated challenges in identifying the underlying holdings of plan assets invested in indirect investments.

• Challenges in finding key information
The form lacks detailed information on plan investments because there is no structured, data-searchable format for attachments to the form and the filing requirements on plan investments are limited for small plans, which have less than 100 participants.

• Inconsistent data
Naming conventions and identification numbers may be inconsistent, making it difficult to collect and accurately match records.

To read the entire GAO report, click here.

Regulatory roundup

July 7th, 2014 No comments

More retirement-related regulatory news for plan sponsors, including links to detailed information.

IRS issues final rules on the use of longevity annuity contracts
The Internal Revenue Service (IRS) issued a final rule relating to the use of longevity annuity contracts in tax-qualified defined contribution plans under section 401(a) of the Internal Revenue Code (Code), section 403(b) plans, individual retirement accounts and annuities (IRAs) under section 408, and eligible governmental plans under section 457(b).

These regulations will provide the public with guidance necessary to comply with the required minimum distribution rules under section 401(a)(9) applicable to an IRA or a plan that holds a longevity annuity contract. The regulations will affect individuals for whom a longevity annuity contract is purchased under these plans and IRAs (and their beneficiaries), sponsors and administrators of these plans, trustees and custodians of these plans and IRAs, and insurance companies that issue longevity annuity contracts under these plans and IRAs.

To read the entire final rule, click here. For the Treasury news release, click here.

PBGC report shows improvement in single-employer plans, but underscores increased risks to some multiemployer plans
Despite substantial economic and market gains, multiemployer pension plans covering about 1.5 million people are severely underfunded, threatening benefit cuts for current and future retirees, according to the FY 2013 Projections Report recently released by the Pension Benefit Guaranty Corporation (PBGC). By comparison, the financial situation for private single-employer plans, which cover about 30 million participants, is projected to improve.

To read the entire report, click here. To read the entire news release issued by the PBGC, click here.

IRS updates web page on top mistakes in VCP submissions
The IRS has updated its web page regarding the top mistakes made in voluntary correction program (VCP) submissions.

To view the updated web page, click here.

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Regulatory roundup

May 12th, 2014 No comments

More retirement-related regulatory news for plan sponsors, including links to detailed information.

IRS updates posting: Updating frozen DB plans for current law and other compliance issues

The Internal Revenue Service (IRS) has updated its web page titled “Updating frozen DB plans for current law and other compliance issues.” During the frozen plan amendments project, the Employee Plans Compliance Unit looked at whether sponsors of frozen defined benefit plans had amended their plans for the Economic Growth and Tax Relief Reconciliation Act of 2001.

Employee Plans designed the frozen plan amendments project to learn:

1. If plan sponsors amended their frozen plans for current law by the required deadlines.
2. Whether the sampled plans were actually frozen defined benefit plans.
3. Reasons the plans were frozen.
4. The effective date of the freeze.
5. What sponsors intended to do with their frozen plans in the short term.

Overall, the project showed that sponsors of the sampled frozen defined benefit plans amended their plans for current law by the required deadlines, but other issues were found.

To access the updated web page, click here.

PBGC issues final rule on phase-in of unpredictable contingent event benefit guarantees
The Pension Benefit Guaranty Corporation (PBGC) released a final rule on the phase-in of guaranteed benefits in the event of an “unpredictable contingent event” (such as a plant shutdown) in a single-employer plan, as provided under the 2006 Pension Protection Act (PPA).

In general, the PPA phases in the period for the guarantee of such benefits, starting no earlier than the date of the shutdown or other unpredictable contingent event. The final rule incorporates the definition of an unpredictable contingent event benefit; provides that the guarantee of such a benefit is phased in from the latest of the date the benefit provision is adopted, the date the benefit is effective, or the date on which the event that makes the benefit payable occurs; and includes eight examples that show how the phase-in rules apply in various situations.

To read the entire final rule, click here.

IRS issues two pieces of guidance on Form 5500 and Form 5500 EZ
The Internal Revenue Service (IRS) has issued Revenue Ruling 2014-32, which establishes a one-year pilot program to provide relief to plan administrators who fail to file Form 5500 EZ in time. Revenue Procedure 2014-32 will be published in Internal Revenue Bulletin 2014-23 on June 2, 2014.

The IRS also issued Notice 2014-25 applying administrative relief to late filers of Form 5500 who satisfy the requirements of this notice and the Delinquent Filer Voluntary Compliance (DFVC) Program administered by the U.S. Department of Labor (DOL) Employee Benefits Security Administration. Notice 2014-35 will be published in Internal Revenue Bulletin 2014-23 on June 2, 2014.

To read a temporary copy of Revenue Ruling 2014-32, click here.
To read a temporary copy of Notice 2014-25, click here.

IRS updates FAQs for 403(b) preapproved plan program: Duties of plan sponsors and application procedures

The IRS has updated its frequently asked questions (FAQs) for 403(b) preapproved plan program, duties of plan sponsors.

To access the updated FAQ page, click here.

IRS posts article on retirement plans internal controls
The IRS has published an article entitled “Internal controls are essential in retirement plans.” In the article Monika Templeman, director of Employee Plans Examinations, responds to questions and offers insights on retirement plan topics uncovered during audits.

To read the article, click here.

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Regulatory roundup

April 28th, 2014 No comments

More retirement-related regulatory news for plan sponsors, including links to detailed information.

PBGC requests OMB approval with modifications of 2014 schedule MB and SB and related instructions
The Pension Benefit Guaranty Corporation (PBGC) is requesting that the U.S. Office of Management and Budget (OMB) approve modifications to the 2014 Schedule MB (multiemployer defined benefit plan actuarial information) and the 2014 Schedule SB (single-employer defined benefit plan actuarial information) and related instructions.

The modification to the Schedule MB requires plan administrators of multiemployer defined benefit plans in critical status to provide information about the plan year in which the plan is projected to emerge from critical status and, if the rehabilitation plan is based on forestalling possible insolvency, the plan year in which insolvency is expected. The modification to the Schedule SB requires plan administrators of single-employer defined benefit plans to report the funding target (vested and total) for each type of participant (active, retired, terminated vested).

Comments are expected 30 days after publication in the Federal Register.

PBGC posts standard and distress terminations and missing participants forms and instructions
The OMB has approved revisions to the standard termination, distress termination, and missing participants forms and instructions. The new forms and instructions can be found on the plan terminations page of PBGC’s website. The new forms must be used for terminations for which the first Notice of Intent to Terminate is issued on or after June 1, 2014. If the first Notice of Intent to Terminate is issued before June 1, 2014, either the new or old forms may be used.

Private Pensions: Pension Tax Incentives Update
The U.S. Government Accountability Office (GAO) has published its third issue of “Private Pensions: Pension Tax Incentives Update.”

For more information, click here.

Employee plans project summary reports: Nonqualified 401(k) plans
The Internal Revenue Service’s (IRS) Employee Plans Compliance Unit (EPCU) Nonqualified 401(k) Plans project began in February 2013. The IRS sent contact letters to a sample of plan sponsors whose 401(k) plans were shown as nonqualified. The intent was to learn whether they made a mistake when selecting pension feature codes 2J and 3C on their Form 5500 series returns to describe their plan’s characteristics.

Pension feature code 2J means:
“Code section 401(k) feature – A cash or deferred arrangement described in [Internal Revenue] Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.”

Pension feature code 3C means:
“Plan not intended to be qualified – A plan not intended to be qualified under [Internal Revenue] Code sections 401, 403 or 408.”

To read the results, click here.

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Regulatory roundup

April 21st, 2014 No comments

More retirement-related regulatory news for plan sponsors, including links to detailed information.

PBGC posts 2014 premium filing information
The U.S. Office of Management and Budget (OMB) has approved the 2014 premium filing instructions consistent with the Pension Benefit Guaranty Corporation’s (PBGC) recent final rule making its premium regulations more effective and less burdensome.

The web pages showing premium due dates and interest rates used to determine the variable-rate premium have been updated to reflect the new regulations.

For more information, click here.

PBGC announces My PAA ready for 2014 premium filings
The My Plan Administration Account (My PAA) website has been updated to reflect recent changes to the premium regulation (first effective for 2014 plan years) as described in the 2014 premium filing instructions. Comprehensive filings for plan years beginning in 2014 may now be electronically submitted via My PAA. Information about how to e-file via My PAA (e.g., demos and FAQs) is on the “Online Premium Filing With My PAA” page of the PBGC website.

A reminder that the new rules have no impact on premium filings for plan years beginning in 2013 (e.g., small calendar plans whose 2013 premium filing is due April 30, 2014).

IRS issues PLR stating that VEBA can extend benefits to domestic partners of participants
The Internal Revenue Service (IRS) has issued Private Letter Ruling (PLR) 201415011 stating that a voluntary employees’ beneficiary association (VEBA) can extend benefits to domestic partners of participants.

To read the entire letter, click here.

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Regulatory roundup

March 24th, 2014 No comments

More retirement-related regulatory news for plan sponsors, including links to detailed information.

IRS discuss current issues EP compliance unit is reviewing
The Internal Revenue Service (IRS) has posted a discussion with Monika Templeman, director of Employee Plans Examinations, regarding current issues that the Employee Plans Compliance Unit (EPCU) is reviewing. Topics discussed include:

• Confirming higher educational organizations’ compliance with the universal availability rule, which is one of the main errors found in 403(b) plan examinations.
• Form 5500 series returns that show no plan participants, yet the plan received employer contributions.
• Terminated plans that have assets remaining. This could be a violation of Revenue Ruling 89-87, which requires plan assets be distributed as soon as administratively feasible after the stated plan termination date.
• Form 5310 returns that had over a 20% drop in participants from one year to the next to determine if a partial termination occurred and, if so, whether affected plan participants were 100% vested. Because of this project, over 250 participants were 100% vested as required by Revenue Ruling 2007-43.
• Form 5500 Non-Filer Project. Plan sponsors are contacted if their latest Form 5500 returns were not marked ‘final’ and they have not filed a subsequent return. EPCU began by selecting returns that were due for the plan year ending January 31, 2010 (originally due August 31 if no extension was filed) and that have still not filed by February 2011.
• Qualifying Employer Securities Project contacted plan sponsors who reported over 10% of their plans’ net assets were invested in employer securities.
• Two projects focusing on improving international compliance.

To read the entire discussion, click here.

PBGC requests extension of collection of multiemployer plan information
The Pension Benefit Guaranty Corporation (PBGC) issued a notice asking the Office of Management and Budget (OMB) to extend approval of a collection of information under its regulations on multiemployer plans that expires March 31, 2014, April 30, 2014, or July 31, 2014. The collection of information for which PBGC is requesting approval includes various reporting requirements related to:

• Termination of multiemployer plans
• Extension of special withdrawal liability rules
• Variances for sale of assets
• Reduction or waiver of complete withdrawal liability
• Reduction or waiver of partial withdrawal liability
• Allocating unfunded vested benefits to withdrawing employers
• Notice, collection, and redetermination of withdrawal liability
• Procedures for PBGC approval of plan amendments
• Notice of insolvency

Comments should be submitted no later than 30 days after publication in the Federal Register. The notice was published on March 19, 2014. To read the entire notice, click here.

IRS posts guidance on withdrawal of Cycle C cash balance applications; provides FAQs on Cycle C
Cycle C determination letter applicants who intend to adopt a preapproved cash balance plan may withdraw their applications for individually designed cash balance plans by May 31, 2014, if they sign Form 8905, Certification of Intent to Adopt a Pre-approved Plan, by March 31, 2014.

Announcement 2014-4 extended the submission period for preapproved defined benefit (DB) pension plans from January 31, 2014, to February 2, 2015, to allow time for the IRS to expand the preapproved program to permit plans with cash balance features. The announcement also allowed Cycle C plan sponsors who want to adopt a preapproved cash balance plan to complete Form 8905 by March 31, 2014, instead of submitting determination letter applications for individually designed plans by the Cycle C deadline of January 31, 2014.

For more information, click here.

IRS updates posting on checking the status of determination, opinion, and advisory letters
The IRS has updated its posting titled “Determination, opinion, and advisory letter for retirement plans – check the status of your letter.” The posting provides a chart with information regarding receipt of an application and important links.

To view the updated posting, click here.

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Regulatory roundup

March 17th, 2014 No comments

More retirement-related regulatory news for plan sponsors, including links to detailed information.

Senate strikes bipartisan deal on unemployment benefits; pensions affected
Senators Jack Reed (R-RI) and Dean Heller (R-Nev) have penned a bipartisan proposal that would extend federal unemployment benefits for five months and allow for retroactive payments to December 28, 2013. The program expired on December 28, 2013.

The deal, which was crafted from both Republican and Democratic proposals, would pay for the $10 billion cost by including the pension offset provisions from the 2012 highway bill (MAP-21), which were set to be phased-out this year. The proposal also would:

• Allow single-employer defined benefit pension plans to prepay their flat rate premiums to the Pension Benefit Guaranty Corporation (PBGC).
• Extend customs user fees through 2024.
• End federal unemployment insurance (UI) payments to any individual whose adjusted gross income in the preceding year was $1 million or more.
• Strengthen reemployment and eligibility assessment (REA) and ReEmployment Services (RES) programs. In an effort to help get job seekers back into the workforce, individuals receiving emergency unemployment compensation will be eligible for enhanced, personalized assessments and referrals to reemployment services when they begin their 27th week of UI (Tier I) and 55th week of UI (Tier III).

DOL issues proposed rule that would require service providers to furnish disclosure guide to pension plans
The Employee Benefit Security Administration of the U.S. Department of Labor (DOL) has issued a proposed rule that would require certain retirement plan service providers to disclose information about the service providers’ compensation and potential conflicts of interest. The proposed rule would amend the DOL’s final rule on fee disclosures to require covered service providers to furnish a guide along with the initial disclosures to help fiduciaries if the disclosures contain multiple or lengthy documents.

To read the entire proposed rule, click here.
The DOL has also released a fact sheet to accompany the proposed rule.

PBGC issues final rule on premium rates, payment of premiums
The PBGC has issued a final rule making its premium rules more effective and less burdensome. Based on its regulatory review under Executive Order 13563, PBGC proposed to simplify due dates, coordinate due dates for terminating plans with the termination process, make conforming and clarifying changes to the variable-rate premium rules, give small plans time to value benefits, provide relief from penalties, and make other changes.

On January 3, 2014, PBGC published a final rule moving the flat-rate premium due date for large single employer and multiemployer plans (500 or more participants) to the variable-rate premium due date for single-employer plans, starting with the 2014 plan year. This final rule finalizes the rest of the proposal.

PBGC has now completed the process of simplifying the due-date rules by making small plans’ premiums due at the same time as large and mid-size plans’ premiums. However, because of a transition rule that gives small plans more time to adjust to the new provisions, the due dates will not be completely uniform until 2015.

To read the entire final rule, click here.

Read more…

Regulatory roundup

February 25th, 2014 No comments

More retirement-related regulatory news for plan sponsors, including links to detailed information.

PBGC issues notice for OMB review of information collection with modifications of Form 5500 schedule MB and SB
The Pension Benefit Guaranty Corporation (PBGC) issued a notice of intention to request extension of Office of Management and Budget (OMB) approval, with modifications, to the schedule MB (multiemployer defined benefit [DB] plan actuarial information) and the schedule SB (single-employer DB plan actuarial information) and related instructions.

The proposed modifications to the schedule MB would require plan administrators of multiemployer DB plans to specify the documentation required regarding progress under the applicable funding improvement or rehabilitation plan. Plan administrators of multiemployer plans in critical status would be required to provide information about the plan year in which the plan is projected to emerge from critical status and, if the rehabilitation plan is based on forestalling possible insolvency, the plan year in which insolvency is expected. The proposed modifications to the schedule SB would require plan administrators of single-employer DB plans to report the funding target (vested and total) for each type of participant (active, retired, terminated vested).

To read the entire PBGC notice, click here.

IRS employee plans updates publication on DB plans Section 436 limitations
The Employee Plans Division of the Internal Revenue Service (IRS) has updated examination worksheet number 14 to identify major problems with respect to the limitations under Section 436. The worksheet applies to single-employer defined benefit plans (including multiple employer plans) that are subject to the minimum funding requirements of Section 412. The worksheet does not apply to governmental plans and non-electing church plans.

To read the entire examination worksheet, click here.

IRS updates instruction manual on 401(k) ADP/ACP correction methods
The IRS has updated, under the Employee Plans Continuing Professional Education (CPE) Technical Instruction Program, its chapter on section 401(k) and (m), average deferral percentage (ADP)/average contribution percentage (ACP) test correction methods.

The chapter covers 401(k) and (m) correction methods under the Employee Plans Compliance Resolution System (EPCRS). It also covers correction methods for ADP/ACP failures, section 402(g) failures, improperly excluding employees, improperly excluding employees’ catch-up and matching contributions, failure to implement employees’ elections, and coordination with correction of other failures.

To view the updated chapter, click here.

IRS continuing education: Post-PPA legislation, plan terminations, and DB plan schedule SB and related schedules
The IRS has posted three chapters of continuing education material for employee plans personnel: post-Pension Protection Act (PPA) pension legislation, plan terminations, and defined benefit plans schedule SB (Form 5500) and related schedules.

Read more…

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Regulatory roundup

February 3rd, 2014 No comments

More retirement-related regulatory news for plan sponsors, including links to detailed information.

Sen. Harkin proposes bill aimed at small employers, but with other retirement system reforms
Sen. Tom Harkin’s USA Retirement Fund draft bill language has now been released and it contains provisions that extend beyond the “small employer that does not offer a retirement plan” arena. The draft bill (not yet introduced, and no number available) also includes sections on “defined contribution plan reforms,” “defined benefit system reforms,” and “other systemic reforms” that will be of interest to employers that currently offer retirement plans.

For a “snapshot” of the bill, click here.
A summary of the bill is available here.
Also, a frequently asked questions (FAQs) sheet is available here.

GASB issues guidance for implementing pension standards
The Governmental Accounting Standards Board (GASB) has published an implementation guide for the new GASB standards regarding accounting and financial reporting for pensions. The Guide to Implementation of GASB Statement 68 on Accounting and Financial Reporting for Pensions is an authoritative resource designed to assist preparers and auditors of state and local government financial statements as they implement the Statement, which is effective for periods beginning after June 15, 2014.

The implementation guide for Statement 68 answers key questions about putting the new standards into practice. Topics addressed in the guide include:

• The scope and applicability of GASB Statement No. 68, Accounting and Financial Reporting for Pensions
• Considerations regarding the identification of special funding situations
• Measurement of defined benefit pension liabilities of employers and nonemployer contributing entities
• Pension expense and deferred inflows and outflows of resources related to pensions
• Note disclosures and required supplementary information
• Unique issues related to cost-sharing employers and certain nonemployer contributing entities
• Transition to the new standards

To read the entire implementation guide, click here.
Read the GASB’s news release here.

PBGC issues proposed rule on multiemployer plans; valuation and notice requirements
The Pension Benefit Guaranty Corporation (PBGC) has issued a proposed rule to amend its multiemployer regulations to make the provision of information to PBGC and plan participants more efficient and effective and to reduce burden on plans and sponsors. The amendments would:

• Reduce the number of actuarial valuations required for certain small terminated but not insolvent plans
• Shorten the advance notice filing requirements for mergers in situations that do not involve a compliance determination
• Remove certain insolvency notice and update requirements

To read the proposed rule, click here.

Read more…