At the end of 2017, the Pension Benefit Guaranty Corporation (PBGC) estimated that multiemployer plans were underfunded by $65.1 billion, an increase of $6.3 billion from the end of 2016. The Budget Act of 2018 established the “Joint Select Committee on Solvency of Multiemployer Pension Plans.” This committee held its first meeting on March 14, […]
Posts Tagged ‘Plan Sponsors’
Hardship Distribution Changes: Impact on Retirement Plan Sponsors
When it left the House of Representatives in December 2017, the Tax Reform and Jobs Act carried several changes to the limits that should be placed on hardship withdrawals. While those changes never made it to the final version, many of them are included in the Bipartisan Budget Act of 2018. These include: Plans may […]
California Wildfires: Considerations for Retirement Plan Sponsors
The Bipartisan Budget Act of 2018 addresses relief for the California wildfires of 2017, including, but not limited to: “Qualified individuals” whose primary residences were in specific wildlife disaster zones between October 8 and December 31, 2017 have several new opportunities to access plan benefits that are not otherwise available, including not being hit with […]
Bipartisan Budget Act Of 2018: Complying With New Retirement Plan Rules
There has been a lot of talk about the Bipartisan Budget Act of 2018, which was passed by Congress and signed by the President on February 9th, 2018. The law will last for two years and increase funding for both military and social programs. It represents the first significant bipartisan legislation in a long time. […]