More retirement-related regulatory news for plan sponsors, including links to detailed information.
Clarification to guidance on mergers and transfers between multiemployer plans issued
The Pension Benefit Guaranty Corporation (PBGC) published a final rule to implement its authority to facilitate mergers of multiemployer pension plans. PBGC has posted a clarification to the preamble in the second example of how a plan can demonstrate that financial assistance is necessary to mitigate the adverse effects of a merger on a merged plan’s ability to remain solvent.
For more information, click here.
House approves federal minimum wage increase
The U.S. House of Representative voted to approve a manager’s amendment to the Raise the Wage Act (H.R. 582), which would increase the federal minimum wage to $15 an hour from $7.25 by 2025, and then annually adjust the amount based on median wages. The bill would also gradually phase out separate lower wages for tipped workers, youth, and individuals with disabilities. The minimum wage has not been increased since 2009.
To learn more, click here.