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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. Perhaps the most likely provision to change is the definition of permissible investments.
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).
Qualified retirement benefit plan needs to fulfil specific guidelines to be useful for the employee and the employer. It must be permanent- which means it cannot have a planned and definite expiration date. Integration with Social Security: Most businesses include a Social Security plan on pension schemes.
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”).
In the absence of a statutory or regulatory definition, many courts have looked to the Supreme Courts decision in Commr v. In reaching this conclusion, the district court did not apply the two-part Groetzinger test because it interpreted the Sixth Circuits decision in PensionBenefit Guar. Groetzinger , 480 U.S. Findlay Indus.,
This episode is the final installment of our three-part series on a new special financial assistance program created by the American Rescue Plan Act of 2021 for troubled multiemployer plans and the interim guidance issued by the PensionBenefit Guaranty Corporation regarding the program.
Whether they brag about it or not, greater freedom of where you can work from has tremendous benefits on mental well-being. By definition, they don’t need to be in the office after it’s been unlocked or out of the office before the cleaners are due. Beyond setting all of this up, it can present confusing pension arrangements.
The standard definition of CPI refers to the change over time in the cost of a selected (but arbitrary) “basket of goods” in a base year. The definition of what is in that basket and what proportion or weight goes to each category are also subject to change over time. First, CPI is not one universal thing.
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