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As we close out 2021 and get ready to welcome 2022, it is a good time to consider the impact of indexes (a.k.a., In 2022, beneficiaries will receive a 5.9% Pension COLAs - Pensionbenefits for some retirees are also indexed for inflation. a $59 increase for every $1,000 of benefits) in 2022.
As previously discussed , the PensionBenefit Guaranty Corporation (the “PBGC”) issued final regulations in July 2022 for plans that receive special financial assistance (“SFA”) under the American Rescue Plan Act of 2021 (“ARPA”).
This episode of The Proskauer Benefits Brief is the second of our three-part series analyzing the PensionBenefit 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).
of Americans age 65+ were working in 2022. Tax Bracket Triggers - When earnings are added to a pension, Social Security, RMDs, and other taxable income, planning is needed to avoid a higher tax rate or Medicare premium. Other benefits also continue. An estimated 21.9%
Quoting Larson’s Workers’ Compensation Law , an Ohio appellate court affirmed a decision by the state’s Industrial Commission that had refused to consider various fringe benefits in the form of health and welfare benefits, as well as the employer’s contribution to several pension funds as “wages” or “earnings” under Ohio Rev.
A hotly debated (and litigated) issue for multiemployer pension plans in recent years has been the appropriate interest rate to determine a multiemployer pension plan’s liabilities when calculating the plan’s underfunding for withdrawal liability purposes. This story starts back in 1980.
Workers employed by Aston Martin have threatened the car manufacturer with strike action over changes to their company pension scheme. Unite general secretary Sharon Graham explained that the union will back members if they decide to take industrial action to defend their pensions.
On July 8, 2022, the PensionBenefit Guaranty Corporation (“PBGC”) published its much anticipated final rule on the special financial assistance (“SFA”) available to certain troubled multiemployer plans under the American Rescue Plan Act of 2021 (“ARPA”).
As of December 2022, the UK Inflation rate stood at 10.5% Therefore, people’s pension savings will likely start catching up with the frozen Allowance. This could particularly affect those who never check the value of their pension or haven’t done so for some time. and therefore exceed the current LTA.
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 PensionBenefit Guaranty Corporation (“PBGC”) final rule that may answer the question for them.
At Ashurst, we closely consider the pension and benefits we offer and focus particularly on how we engage our people in these offerings to ensure they are of maximum benefit. Because pension forms part of an employee’s finances, tackling the broader topic of finances also increases engagement with pensions.
The SEC’s final rule on Pay Versus Performance becomes effective on October 8, 2022, and will require new executive compensation disclosures for the upcoming proxy season (for annual proxy statements that include executive compensation disclosure for fiscal years ending on or after December 16, 2022).
ERISA Section 4010 requires a contributing sponsor of certain single-employer pension plans, as well as the sponsor’s controlled group members, to provide controlled group, financial, and actuarial information to the PBGC each year.
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.
In fact, until changes in legislation over the past few years, LGBTQ+ seniors even lacked basic retirement rights including the ability to transfer Social Security, pensionbenefits and retirement plans to their surviving partners. LGBTQ+ employees also face higher healthcare costs and barriers to accessing appropriate care.
Employer-sponsored retirement plans are divided into two major categories: defined-benefit plans and defined- contribution plans. As the names imply, a defined-benefit plan—also commonly known as a pension plan—promises a specified benefit amount at retirement. Examples of.
In fact, until changes in legislation over the past few years, LGBTQ+ seniors even lacked basic retirement rights including the ability to transfer Social Security, pensionbenefits and retirement plans to their surviving partners. LGBTQ+ employees also face higher healthcare costs and barriers to accessing appropriate care.
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