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To meet Gen Z’s needs, your organisation must promote the importance of a work-life balance from the beginning of the employee journey. Pensions and Future Planning Contrary to stereotypes, Gen Z actually places significant importance on pensionbenefits for future planning.
Given cost of living worries and the notion this may be impacting pension savings, WEALTH at work conducted research* with employees to find out their thoughts into what’s happening in reality. It’s therefore more important than ever to ensure employees are engaged with their pensions.
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”).
Then, when they’re ready, they want to understand how to turn their pension savings into an income for life. Companies might feel that providing a generous pension scheme is the most effective way to discharge their obligation to look after employees in later life. appeared first on EmployeeBenefits.
In an acknowledgment of uncommon market conditions and their corresponding effect on defined benefitpension plan funding, the PensionBenefit Guaranty Corporation (the PBGC) provided a welcome one-time waiver for some underfunded pension plans under Section 4010 of the Employee Retirement Income Security Act (ERISA).
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).
13, 2023), the court granted a motion to dismiss a pension plan participant’s claim that the plan was equitably estopped from recouping overpaid plan benefits. Upon termination of his employment, the participant requested and received from the plan a disclosure estimating that his pension would be $6,225.24 App’x 588 (6th Cir.
The SCA UK Pension Plan, which is sponsored by global hygiene and health firm Essity Group, has completed a £1.1 billion pensions buy-in. Headquartered in Sweden, Essity employs 1,600 UK employees across six manufacturing sites and three commercial offices. The post SCA UK Pension Plan completes £1.1
Members of the Box Clever pension scheme will receive their pensionbenefits in full following an in-principle deal between The Pensions Regulator (TPR) and ITV. Employees were then transferred to the new organisation and enrolled in the Box Clever pension scheme.
Prime Minister Rishi Sunak has appointed Laura Trott MBE as minister for pensions, after predecessor Alex Burghart officially held the role for less than one month. Trott was appointed on 27 October, and the Department for Work and Pensions (DWP) made the announcement on 7 November via its official Twitter account.
International Foundation of Employee Benefit Plans
JULY 8, 2022
Changes to the Special Financial Assistance (SFA) Program announced Wednesday by the PensionBenefit Guaranty Corporation (PBGC) will improve the ability of underfunded multiemployer defined benefit (DB) pension plans to.
International Foundation of Employee Benefit Plans
FEBRUARY 28, 2023
For the first time since the Employee Retirement Income Security Act of 1974 (ERISA) introduced the concept of withdrawal liability, the PensionBenefit Guaranty Corporation (PBGC) has announced a proposed.
Travel business Thomas Cook has completed a £900 million bulk purchase annuity buy-in transaction for its UK pension scheme. Aviva insured the defined benefit (DB) pension liabilities for more than 12,500 scheme members following the liquidation of the business in 2019.
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.
Credit: Natata/Shutterstock Need to know: The abolition of the pensions lifetime allowance in April will require an overhaul of employee communications, and a revaluation of pension scheme design and administration, including opportunities to simplify the scheme and reduce the cost of running it.
The Court of Appeal has upheld the High Court’s ruling that a written actuarial confirmation was required where an alteration to the Virgin Media scheme’s rules affected pensionbenefits for past or future service benefits.
Credt: P Maxwell Photography/Shutterstock The pension pots-for-life plan take the onus off of employees to keep track of their pensions as they move jobs. Clarification is needed on how employers would manage the process of putting employees’ contributions into many different pension pots. Opinions differ. “I
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.
There is the potential for a tribunal to award up to six years back pay, plus interest; an award may also result in liabilities for pay-as-you-earn (PAYE) and pensionbenefits or pension loss. Audrey Williams is an employment partner at Keystone Law The post Audrey Williams: How can EU equal pay regulation benefit UK workers?
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. Positive pension fund growth as well as a pay rise may easily push them over the LTA before they know it.
International Foundation of Employee Benefit Plans
MARCH 14, 2023
A new rule proposed by the PensionBenefit Guaranty Corporation (PBGC) would increase the certainty of withdrawal liability determinations for multiemployer benefit plans and likely help prevent withdrawal liability disputes from going to arbitration and litigation, PBGC officials say.
The bank also maintained a 1% increase in non-pensionablebenefits , which was implemented last year.” The post Bank of England gives employees 4% pay rise appeared first on EmployeeBenefits. At the same time, our approach needs to be consistent with our overall objective of price stability.
This episode of The Proskauer Benefits Brief is the first 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). Listen to the podcast. .
Several strike dates due to take place on the London Underground have been suspended following negotiations about potential reforms of Transport for London’s (TFL) pension scheme. A central government-demanded review of TFL’s pension arrangements, which is a condition of the 1 June 2021 £1.1
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”).
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.
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. However, the PBGC did seek comment on whether it should expand this interpretation.
The Work and Pensions Committee is calling for trials of automatic appointments with the Pension Wise service as part of its new ‘Stronger Nudge’ interventions. The post Early and multiple interventions will improve pensions engagement! appeared first on EmployeeBenefits.
It is leading the way in innovating employer engagement via its suite of employeebenefits that match individual business requirements with a tailored, personal solution, to provide a ‘bridge’ between an employer and its workforce with pioneering technology-based solutions. For more information: www.hive360.com
Some of the reasons are: Around 75% of the employees expect their employees to provide better retirement benefitpension plans. Employers who stay out of giving retirement benefits misses the real talent and suitable candidates. Understanding the Basics of Retirement Benefits Plan. Work Smart.
Almost half (49%) of working adults have changed their retirement plans because of the cost-of-living crisis , according to new research by the Pensions Management Institute. The professional body that supports and develops UK pension schemes surveyed 2,030 employees with pensions.
The lifetime allowance (LTA) is one of those subjects referenced in lots of pension literature , and yet, it only affects a minority of people. On the face of it, its removal has many benefits, including helping certain cohorts of people to fall back in love with pensions (and work). appeared first on EmployeeBenefits.
Almost half (48%) of HR leaders said they have seen a poor uptake of employeebenefits because employees do not seem interested in what is on offer, according to new research from Nous.co. One-fifth (20%) admitted that there was either a lack of onboarding for employeebenefits initiatives, or onboarding was inadequate.
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. Listen to the podcast. .
International Foundation of Employee Benefit Plans
NOVEMBER 8, 2022
Multiemployer pension plans that intend to apply for SFA from the PBGC should note the schedule for reviewing applications and may want to consider submitting a lock-in application. The post PBGC Special Financial Assistance “Lock-In” Application for Nonpriority Plans appeared first on Word on Benefits.
Since then, it has amended this by adding a neurodiversity benefit to its private medical scheme, which it runs as a trust, and allowing them to join a gym during any month or select an electric car from car leasing provider Arval. This helps to increase staff engagement with their pension scheme.
International Foundation of Employee Benefit Plans
MAY 9, 2023
The American Rescue Plan Act (ARPA) of 2021 authorized special financial assistance (SFA) through the PensionBenefit Guaranty Corporation (PBGC) to eligible severely underfunded multiemployer plans. ARPA added section 4262 to Title IV of the Employee Retirement Income Security Act (ERISA).
This will include the impact of the 10% national living wage increase and enhancement of its pensionbenefits, with staff now able to access up to 6% employer contributions. million bonus among staff appeared first on EmployeeBenefits. The post Greggs to share £17.6
As noted below, SRCs need not include any amount for pensionbenefits.). This calculation excludes the impact of changes to actuarial assumptions ( g. changes in interest or mortality assumptions) and compensation; and there is no adjustment for vesting conditions. (As
million pension savers [1] are set to reach the limit and will be hit with a tax charge of 55% in retirement. However despite this, many employees don’t even realise that they are at risk. This could particularly affect those who never check the value of their pension, or haven’t done so for some time.
Employees often take strike action over issues such as pay , health and safety, pensions, benefits, changes to terms and conditions, and union recognition. Employers should consider employees’ financial wellbeing while on strike, because they are not entitled to pay and may face difficulties.
For example, if legislation such as the current Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000 were to be amended or removed, this could result in part-time workers receiving less favourable treatment than their full-time peers when it comes to areas such as pensions , benefits, pay and leave, to name but a few.
1301(b)(1), all trades or businesses under common control with an employer that has withdrawn from a multiemployer pension plan are jointly and severally liable for the employers withdrawal liability. of Shopmens Pension Plan v. Under 29 U.S.C. In Local No. Art Iron, Inc. , 4th 923 (6th Cir. 1301(b)(1). Findlay Indus., 3d 597 (6th Cir.
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. the investments.
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