PBGC Issues Final Regulations on Duties of Terminated and Insolvent Multiemployer Plans

The Pension Benefit Guaranty Corporation (PBGC), which insures benefits of many defined benefit (DB) pension plans, has issued final regulations on certain reporting and disclosure requirements of multiemployer (union) DB plans that are terminated and insolvent. The guidance addresses actuarial valuation requirements, provides guidance on withdrawal liability information filing, and provides revised notice requirements for plans expected to be insolvent. The guidance is generally effective July 1, 2019, but certain provisions for providing withdrawal liability information to the PBGC, and certain actuarial valuation requirement changes, will be applicable for plan years ending after July 1, 2019. These final regulations can be found here.