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This episode of The Proskauer Benefits Brief is the second of our three-part series analyzing the Pension Benefit Guaranty Corporation (PBGC) guidance on the new special financial assistance program for troubled multiemployer pension plans that was created by the American Rescue Plan Act (ARPA).
Fast forwarding to the year 2022, will it be a happy new year? Many multiemployer plans and their participants, contributing employers and unions certainly hope so, as they eagerly anticipate the issuance of a Pension Benefit Guaranty Corporation (“PBGC”) final rule that may answer the question for them.
The SEC’s final rule on Pay Versus Performance becomes effective on October 8, 2022, and will require new executivecompensation disclosures for the upcoming proxy season (for annual proxy statements that include executivecompensation disclosure for fiscal years ending on or after December 16, 2022).
Act of 2022 (“ SECURE 2.0 ”) that was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act includes a slew of changes for retirement plan sponsors and employers. also does not change PBGC’s indexed flat-rate premiums for both single-employer pension plans and multiemployer pension plans.
Having the best compensation plan will help you avoid the risk of losing them or scaring away potential hires. In addition, you need the best employee benefits software in 2022 to help you plan your compensation effectively. . Our List of Top Employee Benefits Administration Software 2022. Holland and Knight.
Single Employer Pension Plan Provisions. The ARPA contains two funding relief items that benefit single employer pension plans. First, for plan years beginning in 2022, the amortization period for underfunded plans is extended to 15 years, rather than seven as previous allowed. Multiemployer Plan Provisions.
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