New PBGC Regs Leave Employers Scratching Their Heads
By Emily Brill (July 14, 2021, 7:21 PM EDT) -- The Pension Benefit Guaranty Corp. has released regulations describing how a $94 billion financial assistance program for troubled union pension plans will work, but their impact on how much employers must pay to withdraw from those plans is unclear, attorneys say.
The regulations, released Friday, will change the way many actuaries calculate how much unionized workplaces owe the pension plans they leave behind. Actuaries who work with plans that participate in the financial assistance program must use a specific interest rate when tallying up employers' bills, the regulations say, removing actuaries' discretion to use the interest rate they think works best....
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