PBGC Rule Would Change Employer Plan Liability

Law360, New York (March 19, 2008, 12:00 AM EDT) -- The Pension Benefit Guaranty Corp. has proposed to change its method of calculating the liability an employer takes on when it withdraws from a multi-employer pension plan and the way unfunded vested benefits are allocated.

The proposed rule, published Wednesday in the Federal Register, would adjust the authority that the PBGC is granted according to amendments to the Employee Retirement Income Security Act.

The Pension Protection Act, signed into law in August 2006, amends ERISA to add new disclosure requirements for plan administrators, relating to funding-based...
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