Highlighting Ben Halmers, VP of Retirement Benefits & Advancements to Pension Application Capabilities and More
Are your participants prepared for online pension applications? Ben Halmers, Zenith’s VP of Retirement Benefit Plan Operations, is revolutionizing the retirement journey with innovative online features. Discover how our newly enhanced integrated portals are transforming the experience for Pension Plan participants, and why you won’t want to miss out on these exciting updates.
Final Regulations on Special Financial Assistance for Underfunded Multiemployer Defined Benefit Plans Released
On July 8, 2022, the Pension Benefit Guaranty Corporation (PBGC) finalized new regulations for Special Financial Assistance under the American Rescue Plan Act (ARPA) of 2021, which initially aimed to provide $86 billion for underfunded Multiemployer Defined Benefit Plans.
The updates, effective August 8, 2022, include allowing up to 33% of SFA assets in return-seeking investments, more flexible benefit increase options, and adjustments to the application process and withdrawal liability calculations. Plans can also allocate up to 10% of contribution rates to health benefits with PBGC approval. To date, 28 plans have received $7.4 billion in relief, with the updated program cost estimate ranging between $74 and $91 billion.