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Pension Insurer Preps Guidance to Stem Exodus From Failing Plans

March 22, 2021, 4:20 PM

The U.S. government’s private-sector pension insurer is working on guidance that would prohibit employers in union-brokered plans from using financial assistance from Congress when calculating future withdrawal liabilities, sources familiar with the discussions said.

An inter-agency working group that includes officials at the Pension Benefit Guaranty Corporation and the Labor and Treasury departments is considering issuing guidance by the summer instructing actuaries to disregard the financial assistance for the purposes of calculating how much money employers that are exiting multiemployer pension plans owe for a period of at least 15 years, said the sources, who asked not to be identified...

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