Presentation by damien moore, cbos assistant director for financial analysis, at the research seminar in quantitative economics. Copies of the annual report are available from the u. Annual funding notice for pipe trades services of mn pension plan. In fy 2015, pbgc took responsibility for more than 25,000 additional workers and retirees in 65 single employer plans. Pbgc corporate annual reports pension benefit guaranty. Pbgc issues fy 16 annual report american society of. On march 23, 2016, the pbgc issued a final rule to reflect provisions of recent legislation that affect 4010 filings. The pension benefit guaranty corporation pbgc, a governmentowned corporation, insures the pension benefits of more than 10 million participants in multiemployer defined benefit pension plans. The reportable events regulations were revised in 2015, as reported in our september 16, 2015 for your information. The first filings under the new regulation are due april. As anticipated, the single employer plan program improved while the multiemployer plan programs financial position has deteriorated. On november 17, 2014, the pbgc released its fy 2014 annual report pbgc operates on a september 30 fiscal year.
This edition of the pbgc data book, updated for the pbgcs 2015 fiscal year, contains financial information about the pbgc and the singleemployer and multiemployer pension plans for which it provides benefit guarantees, with charts comparing the data to prior years. Dec 02, 2014 on november 17, 2014, the pbgc released its fy 2014 annual report pbgc operates on a september 30 fiscal year. Report of the directors your directors have the pleasure of presenting the 51st annual report and the audited accounts of the company for the financial year ended june 30, 2015. Pbgcs insurance programs are vital to the retirement security of the. October 15, 2015 special rules for new and newly covered plans special rules for standard terminations to be discussed later 1 29. A primer congressional research service 1 pension benefit guaranty corporation the pension benefit guaranty corporation pbgc is a federal agency established by the employee retirement income security act of 1974 erisa. Pension f y 2 0 1 7 benefit guaranty corporation 1 annual report annual performance report congress established the pension benefit guaranty corporation pbgc or the corporation through the employee retirement income security act of 1974 erisa to insure the defined benefit pensions of workers and retirees in privatesector pension plans. You may obtain an electronic copy of your plans annual report by going to. Pbgc is now releasing data in groups, as they become available. Employee retirement income security act of 1974 erisa. The proposed rules give pbgc the authority to facilitate plan mergers by providing technical assistance, or financial assistance if necessary, to avoid plan insolvency.
Pbgc annual report 2015 pension benefit guaranty corporation. Office of the pbgc participant and plan sponsor advocate. Future increases are subject to indexing per the bipartisan budget act of 2015. Sao for records management fy 2015 annual report page 3 2b provide a list of the actions your agency, components, or bureaus plan to take in 2016 to meet this goal. Pbgc finalizes changes to 4010 annual financial reporting. All defined benefit plans paying premiums to pbgcs single employer.
The financial condition of the pension benefit guaranty. We realize our importance to the financial stability of families and their communities. In december 2015, a trial was held, but pbgc and renco negotiated a. Congress needs to address the pbgcs multiemployer program. Budget act of 2015 specify premium rates or premium increases for. Ilwupma pension plan 2014 annual funding notice attached is a copy of the 2014 annual. Pension benefit guaranty corporation, annual report, fiscal year 2014. Paula aven gladych, the pbgcs perfect storm, benefitspro, november 26, 20. Actuarial board for annual counseling and discipline report. Ilwu longshore, ship clerk and walking bossforeman locals from. Multiemployer plans are typically offered, as part of.
The pbgcs fy 2015 annual report provides important information about the pbgcs operations and finances for its singleemployer and multiemployer insurance programs. Riaht to request a copy of the annual report a pension plan is required to file with the u. Fully implement controls to plan, remove and decommission unsupported systems and databases. Fifteen of these inquiries were disposed of during 2015. Nov 17, 2016 presentation by damien moore, cbos assistant director for financial analysis, at the research seminar in quantitative economics. The pension benefit guaranty corporation pbgc is a governmentowned corporation responsible for insuring the benefits of 41 million people who participate in defined benefit pension plans provided by private employers. The pension benefit guaranty corporation pbgc is a governmentowned corporation responsible for insuring the benefits of 41 million people who participate in defined benefit p. By law, the advocate must submit a report, no later than december 31 of each calendar year, to certain statutorily designated congressional committees detailing the fiscal year activities of the oppsa ending during such calendar year. Pbgc uses the information from 4010 filings to value its liabilities and to assess which plans may be at risk.
Pbgc also uses information from 4010 filings to value its contingent liabilities, as reported in its annual financial statements. The pension benefit guaranty corporation pbgc is a united states federally chartered corporation created by the employee retirement income security act of 1974 erisa to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary. Pbgc issues final annual reporting rules plansponsor. Dol issues final annual funding notice rules for defined. Pension benefit guaranty corporation pbgc washington, d. Pbgc annual report shows rising deficit for multiemployer plans. Update pbgcs records management directive conduct agency wide communication awareness campaigns and workshops. Inadequate response to looming pension fund insolvency rachel greszler no. Pbgcs annual reports have in recent years, to some degree, become lobbying instruments, highlighting pbgcs deficit and arguing for changes in pbgcs premium structure. Annual funding notice for pipe trades services of mn. Semiannual report to congress pension benefit guaranty. On february 2, 2015, the dol issued final rules regarding annual funding notices. Pbgc participant and plan sponsor advocate annual reports. General instructions to form 5500 3 pension benefit plan all pension benefit plans covered by erisa must file an annual return report except as provided in this section.
Pbgc corporate annual reports find out about pbgcs annual operations, as well as our current and future anticipated financial condition, through our annual reports. Compared to the 2014 report, the results show a lower deficit for the single employer program and include official estimates of the impact of mpra. Pbgcs financial position fy2018 annual report october. Ilwupma pension plan 2014 annual funding notice attached is a copy of the 2014 annual funding notice for the ilwupma pension plan. Pension benefit guaranty corporation 3 f y 2 0 1 5 annual report strategic goals and results this annual performance report provides information on pbgcs performance in achieving the three goals outlined in the agencys strategic plan. October 1, 2017 september 30, 2018 1 annual report connect with us pbcfr. The projected solvency of the multiemployer program has been extended by about three years, based primarily on. Fy 2015 annual report the managing government records directive m1218 requires senior agency officials saos for records management to provide an annual report to nara. Short form annual returnreport of small employee benefit plan. Pbgc annual report shows rising deficit for multiemployer. Pbgc issues american society of pension professionals.
These reports are required under title iv of the employee retirement income security act erisa. Estimates of financial assistance claims that pension plans will file with pbgcs multiemployer program under current law, 20172036 billions of dollars source. The pbgcs insurance programs continue to face high deficits. Participant and plan sponsor advocate 2015 annual report. Almost 3,000 of these new participants were existing retirees who continue to receive their benefit every month. Short form annual returnreport of small employee benefit. Fy 2018 annual report website improvements contributed to.
The pension benefit guaranty corporation pbgc is a united states federally chartered corporation created by the employee retirement income security act of 1974 erisa to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance. While detailed information cannot be released about any of these inquiries, the table below provides a summary of the major issue areas into which the alleged violations of. General instructions to form 5500 3 pension benefit plan all pension benefit plans covered by erisa must file an annual returnreport except as provided in this section. Abstract of 2015 form 5500 annual reports data extracted on 772017 february 2018 version 1.
Plans required to file an annual return report that are not eligible to file the form 5500sf, must file a form 5500, annual return report of employee benefit plan, with all required schedules and attachments form 5500, or form 5500ez, annual return of oneparticipant owners and their spouses retirement plan. An overview of the pension benefit guaranty corporation pbgc. Department of the treasury department of labor pension. In fy 2016, pbgc proposed a rule that would implement changes under mpra and update the plan merger process in general. Department of labor, employee benefits security administrations public. Update pbgcs records management directive conduct agency wide. The pension benefit guaranty corporation pbgc has issued its fiscal year fy 2016 annual report, a compilation that provides data on the agencys activities, its health and the assistance it has provided to retirement plans in fy 2016. The slight worsening in its fi nancial position came entirely from increased multiemployer program liabilities.
These reports contain financial and other information about the plan. The new regulations significantly revise longstanding rules governing when administrators and sponsors of defined benefit pension plans need to report certain events to pbgc and signal a fundamental shift in p gs view of the types of events that merit the agencys. In december, congress passed the multiemployer pension reform act of 2014. The final rules incorporate the guidance in fab 200901. Hard copies of the annual report can be obtained from the following agency. Modeling the costs of the pension benefit guaranty. All defined benefit plans paying premiums to pbgcs single employer program are included. Right to request a copy of the annual report pension plans must file annual reports with the us department of labor. The pension benefit guaranty corporation pbgc is a federal agency established by the.
Performance results for fy 2015 are detailed below. In fy 2012, pbgc stepped in to pay nearly 17,000 retirees already receiving monthly checks. Pbgcs inventory of currently approved information collections i. The 2015 pbgc projections report was released in late september. Multiemployer plans are typically offered, as part of collective bargaining agreements, by multiple. A message from our director i am honored to have been nominated by president obama and confirmed by the senate as director of the pension benefit guaranty. Under erisa section 4010e, pbgc submits an annual report to congress summarizing the data received in 4010 filings. Notes from the intersector group meeting with the pension.
The pension benefit guaranty corporation pbgc is amending its regulation on annual financial and actuarial information reporting under the employee retirement income security act erisa section 4010 to codify provisions of the moving ahead for progress in the 21st century act map21, the highway transportation and funding act of 2014 hatfa and. Pbgc issues final rules on reporting by underfunded plans. Pbgc, below, the plan must apply to the pbgc for financial assistance. Report on internal controls related to the audit of the pension benefit guaranty corporations fiscal year 2016 and 2015 financial statements. I am so pleased that the report makes note of progress with participants and their advocates regarding pbgc administrative practices that can. These reports contain financial and other information. Thus pbgc included a waiver from the 4010 reporting requirements for any such amounts that have been timely reported to pbgc under the reportable events requirements by the due date of the 4010 filing. Pbgc 2017 annual report released the pbgc released its fiscal 2017 annual report.