PBGC Special Financial Assistance Final Rule: Permissible Investments

International Foundation of Employee Benefit Plans

The post PBGC Special Financial Assistance Final Rule: Permissible Investments appeared first on Word on Benefits. American Rescue Plan Act (ARPA) Compliance Employee Benefits Investments Multiemployer PBGC Pensions Retirement U.S.

PBGC Special Financial Assistance “Lock-In” Application for Nonpriority Plans

International Foundation of Employee Benefit Plans

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. American Rescue Plan Act (ARPA) Employee Benefits MPRA Multiemployer PBGC Pensions Regulatory Retirement U.S.

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42 Years in the Making: PBGC Proposes Regulation on Interest Rate for Withdrawal Liability Calculations

Proskauer's Employee Benefits & Executive Compensa

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.

[Podcast]: Special Financial Assistance for Multi-employer Pension Plans (Part 2)

Proskauer's Employee Benefits & Executive Compensa

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).

[Podcast]: Special Financial Assistance for Multiemployer Pension Plans (Part 3)

Proskauer's Employee Benefits & Executive Compensa

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 Pension Benefit Guaranty Corporation regarding the program.

[Podcast]: Special Financial Assistance for Multiemployer Pension Plans (Part 1)

Proskauer's Employee Benefits & Executive Compensa

This episode of The Proskauer Benefits Brief is the first 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). ROBERT PROJANSKY : Hello and welcome to the Proskauer Benefits Brief: Legal Insights on Employee Benefits and Executive Compensation.

Government launches NHS pension changes consultation

Employee Benefits

The UK government has launched a consultation on potential changes to the NHS pension scheme , which could make it easier for retired and partially retired NHS staff to return to the workforce. The post Government launches NHS pension changes consultation appeared first on Employee Benefits.

Marks and Spencer, Royal Mail and Co-op commit to green pension schemes

Employee Benefits

Marks and Spencer (M and S), Royal Mail and Co-op have committed to making their pension schemes ‘go green’ in 2022, through robust net zero targets. The Royal Mail Pension Plan and Co-op have both committed to 2050 targets. Uncategorised Pensions

Laura Trott appointed minister for pensions

Employee Benefits

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. We urge the incoming pensions minister to listen to industry concerns about implementation of existing policies.

Mid Yorkshire Hospitals NHS Trust offers comprehensive benefits to staff returning from retirement

Employee Benefits

The pandemic and current environment has made some employees re-evaluate their work-life balance , says Arlene Wills, head of employee benefits at Mid Yorkshire Hospitals NHS Trust. We now have more choice and flexibility, and our wellbeing and benefits are now tailored to suit all needs.”.

Yvonne Gallagher: Bumpy ride for Deliveroo in workers’ union challenge

Employee Benefits

Earlier this year, Deliveroo entered what it described as a ground-breaking agreement with the trade union GMB, which granted a number of benefits to its delivery teams, including a level of sick pay, but crucially without conceding that any statutory entitlement as workers arose.

Adrian Cooper: Where next for financial wellness?

Employee Benefits

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.

The Impact of Indexing: 13 Real World Examples

Money Talk

Pension COLAs - Pension benefits for some retirees are also indexed for inflation. An example is pensions for federal government workers and military retirees and disabled veterans. a $59 increase for every $1,000 of benefits) in 2022.

Ohio Court Says Healthcare Benefits and Pension Contributions Not to be Used in Computing AWW

The Workcomp Writer

The claimant requested that his average weekly wage be adjusted to include not only his hourly compensation of $36.78, plus health and welfare benefits at a rate of $8.80 per hour, plus various pension benefits that when totaled would have adjusted his AWW upward from $999.80

Aston Martin staff threaten to strike in pensions row

Employee Benefits

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.

Tracy McMullen: Ashurst engages all staff in pension savings

Employee Benefits

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. Uncategorised Pensions

The Tax Implications of Closing A Business

Kollath CPA

Take stock of any pensions, benefit plans, health savings accounts and other tax-favored health plans. The decision to close a business’s doors for good is never an easy one. However, it’s important to keep abreast of compliance requirements before you say goodbye.

Taxes 52

Confessions of a benefits manager: Candid reviews voluntary benefits.

Employee Benefits

We offer certain voluntary benefits under a salary sacrifice arrangement. We think they should be able to select core pension benefit and we round up our lowest pay range to allow for a certain level of voluntary benefits to be selected. Uncategorised Voluntary benefits

Practical Considerations for New Pay vs. Performance Disclosure Requirement

Proskauer's Employee Benefits & Executive Compensa

As noted below, SRCs need not include any amount for pension benefits.).

ARPA Final Rule Expected in January

Proskauer's Employee Benefits & Executive Compensa

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.

Early and multiple interventions will improve pensions engagement!

Employee Benefits

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 Employee Benefits.

Defined Benefit vs. Defined Contribution: Choosing the Right Retirement Program 

HR Professionals Magazine

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. The benefit usually is defined via a plan formula based on the employee’s pay and/or years of service and the (guaranteed) benefit is payable for the employee’s lifetime. By Eddie Vaughn.

Half of DC pension schemes driven to help employees retire at reasonable age

Employee Benefits

Almost half (46%) of defined contribution (DC) pension schemes are primarily driven by the aim to provide sufficient pension funds for employees to retire at a reasonable age, up from 29% in 2020, according to research by Aon. Uncategorised Pensions

PBGC Issues Final Rule on Special Financial Assistance Program for Troubled Multiemployer Pension Plans

Proskauer's Employee Benefits & Executive Compensa

On July 8, 2022, the Pension Benefit 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”).

Top 5 steps to help employees engage with their pensions

Employee Benefits

The need to support employees to engage with their pensions and retirement savings has never been more important. Many workplaces now provide financial wellbeing programmes to help their employees engage with their pensions and understand the choices to be made at retirement.

Poll reveals 95% think it’s increasingly important to support employees approaching retirement

Employee Benefits

Pension scheme members now have to grapple with a multitude of risks which have become increasingly complex and uncertain.”. Losing money to pension scams – Last year, The Pension Scams Industry Group estimated that £10 billion had been lost by 40,000 people to pension scams since 2015.

How to steer clear of Age Discrimination in Employment Act lawsuits

Business Management Daily

In 1986 an amendment was added to the ADEA banning mandatory retirement at any age, regardless of any early retirement provisions in applicable employee benefit plans or seniority systems. Reducing compensation and benefits. An older gentleman comes in for a job interview.

What employees need to know to reduce the impact of the LTA

Employee Benefits

million pension savers [1] are set to reach the limit and will be hit with a tax charge of 55% in retirement. This could particularly affect those who never check the value of their pension, or haven’t done so for some time.

3 recent FMLA lawsuits that employers need to be familiar with

Business Management Daily

It also included a paid and limited FMLA benefit when caring for children whose schools or daycares closed. The award included back pay, lost pension benefits and payment for emotional distress.

Offering Retirement Benefits to Employees: Pros and Cons

HR Digest

Retirement plans for a person are valuable benefits that impact both the present as well as future lives of the employees. However, offering retirement benefits to an employee can be a complicated process. Why should an organization provide retirement benefits?

Are Workers’ Compensation benefits protected against the rising cost of living?

Workers' Compensation Perspectives

To forestall this eventuality, the majority of North American workers’ compensation jurisdictions adjust periodic payments (sometimes called workers’ compensation pensions or permanent disability payments) to account for increases in the cost of living.

Extrinsic Motivation: All You Need To Know

Vantage Circle

They can be pension benefits, paid leaves, etc. They are benefits that enhance an employees' work life, such as health benefits, club benefits, etc. In that case, it benefits both him and your company.