Updating disaster map
PBGC intends to update this web page periodically as additional questions arise.The new web page can be accessed by clicking the link above or via the Other Guidance page on the “Employers and Practitioner” menu of (7/23/2018) Terminated and Insolvent Multiemployer Plans Proposed Rule: On July 16, PBGC will publish a proposed rule that would make more efficient certain reporting and disclosure of plan information by terminated and/or insolvent multiemployer plans to PBGC and participants and beneficiaries.Certain terminated plans and insolvent plans must provide notices of insolvency and notices of insolvency benefit level.This page includes all requests that filing team members created via the “Submit a Request” Quick Link (mentioned above) in addition to other relevant plan items which may have been created internally by the PBGC.Lastly, practitioners can only submit on-screen My PAA filings for plan years beginning 2008 and forward; See Prior Year Instructions and Forms for reference.
The new projections are broadly consistent with last year’s projections and indicate that, absent changes in law or additional resources, PBGC’s Multiemployer Program is highly likely to become insolvent by the end of FY 2025, and that, while there remain significant risks, PBGC’s Single Employer Program is likely to emerge from deficit sooner than previously anticipated.
The guarantee limits for multiemployer plans are not indexed and therefore have not changed.
(10/22/2018) 2019 Premium Rates: PBGC updated the Premium Rates web page to show premium rates for 2019 after reflecting increases and indexing required by section 4006 of ERISA, as amended by The Bipartisan Budget Act of 2015.
The proposed rule would remove outdated information included in the notices and would eliminate the requirement to provide most annual updates to the notice of insolvency benefit level.
Under current regulations, multiemployer plans terminated by mass withdrawal must perform an annual actuarial valuation of the plan’s assets and liabilities.