IRS Indexed Limits for 2024
Review the IRS indexed dollar limits to qualified retirement plans for 2024.
Secure Act 2.0 Changes Impacting Qualified Retirement Plans
SECURE 2.0 was signed into Law in December 2022. There’s a lot to unpack in it. This article is a Zenith American Solutions summary of some of what we feel are key changes. The Act includes a substantial number of changes and options for Trustees and other Plan Sponsors to review and consider.
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.
Final Regulations on Special Financial Assistance for Underfunded Multiemployer Defined Benefit Plans Released
On July 8, 2022, the PBGC released the final regulations for plans applying for Special Financial Assistance under the American Rescue Plan Act of 2021.
Zenith’s Pension Director chosen To speak at the National Association of Police Organization’s Annual Pension and Benefits Seminar
Zenith’s Pension Director, Steven Mendelsohn, EA, FCA, MAAA, FSPA, has been chosen to speak at the National Association of Police Organizations (NAPO)’s 33rd Annual Pension & Benefits Seminar.
Defined Benefit Plans - A Better Bang for the Buck
Discover the latest findings from the National Institute on Retirement Security (NIRS) on the cost advantages of Defined Benefit (DB) plans over Defined Contribution (DC) plans. Learn how DB plans provide significant savings through longevity risk pooling, higher investment returns, and balanced portfolios. Explore the study’s key insights and implications for retirement planning.
Zenith’s Retirement Benefit Expert Steve Mendelsohn Chosen for Prestigious National Committee
Zenith American Solutions’ Steve Mendelsohn has been chosen to be on the American Academy of Actuaries Multiemployer Plans Committee. Steve is an actuary in Zenith American Solutions’ pension practice with extensive pension experience.
PBGC Approves First Two Plans for Funding Relief under ARPA ’21
PBGC Approves First Two Plans for Funding Relief under ARPA ’21
Department of Labor Releases FAQs on Required Lifetime Income Illustrations for DC Plans
Retirement Benefit Expert and Actuary provides an update on the Department of Labor’s Temporary FAQs for the lifetime income illustrations that will be required for most Defined Contribution plans.
What’s the News on Lifetime Income Disclosures?
Previously, we provided a brief background on the American Rescue Plan Act of 2021 (“ARPA”) and its potential impact on Multiemployer Defined Benefit Plans. This article provides more details on the various provisions impacting those plans.
Part 2 - American Rescue Plan Act of 2021 Impact on Multiemployer Defined Benefit Plans
The American Rescue Plan Act (ARPA) offers up to $86 billion in relief for underfunded pension plans through 2051. To qualify, plans must meet specific criteria such as being in “critical and declining” status or facing insolvency.
Administered by the PBGC and funded by the Treasury, this program provides a lump sum grant to cover benefits through 2051, including restoring previously cut benefits. Applications are due by December 31, 2025, and the PBGC may prioritize certain plans. For further details, consult your actuary or fund counsel.
American Rescue Plan Act of 2021 Impact on Multiemployer Defined Benefit Plans
The American Rescue Plan Act (ARPA) of 2021 brings significant changes for multiemployer pension plans, addressing funding deficits and enhancing stability. Zenith American Solutions emphasizes the importance of the Special Financial Assistance program under ARPA to support distressed plans. Their team is prepared to help sponsors and participants understand and benefit from the legislation's provisions.
DC Plan Income Disclosures are Coming
In last quarter’s newsletter, we discussed some of the key changes of last year’s SECURE Act. In August, the DOL released initial guidance and we are now in a 60-day review/comment period…
SIPs and VAPPs are Hot! But What are They Anyway?
Variable Annuity Pension Plans and Sustainable Income Plans are gaining significant traction in the Multiemployer pension space and this article helps explain why.