Archive for the ‘Private Sector Pensions’ Category

SSRA-2020

The second day of a pension conference (nothing to report on that) and a new pension law is introduced. Here are some bullet points on the Securing a Strong Retirement Act of 2020 which may appear on the syllabus for the next conference:

Continue reading

ASPPA2020 – Washington Update

The final general session today at the ASPPA virtual conference indicated what the American Retirement Association (ARA) will be lobbying the Biden administration for in 2021:

Continue reading

5500 – Central States – 2019

In the midst of another 5500 filing season (86 to go) but the plan most likely to bring the PBGC (and the entire private pension system) down got their form in early this year.

Continue reading

Heroes Act Summary

Though unlikely to be enacted now H.R. 6800, The Heroes Act, could be a portent of what we get with a Biden administration so, with that in mind, here are some excerpts taken from a summary prepared by the Democratic staff of the House Committee on Appropriations dealing with pension matters of interest (to me).

Continue reading

Bloomberg’s Threat

Moving to the forefront of 2020 presidential election coverage are Pete Buttigieg’s PDAs while Mike Bloomberg’s policy statement on retirement security is left to dangle. While pandering to many and likely of no consequence to most I am personally threatened by a particularly distasteful aspect of this feeler (Bloomberg’s that is).

Continue reading

McClatchy Seeks Bankruptcy

newjerseyglobe reports:

“McClatchy’s Plan provides a resolution to legacy debt and pension obligations while maximizing outcomes for customers and other stakeholders,” said McClatchy CEO Craig Forman.

USA Today reports:

Although bankruptcies can result in pensioners receiving less than they were due, McClatchy said Thursday that it believes its plan “would not have an adverse impact on qualified pension benefits for substantially all plan participants.” In a court filing, McClatchy listed the PBGC as its largest unsecured creditor with a claim of $530 million. The PBGC and a federal judge would have to sign off on the company’s pension plan and sale.

Here are the real reasons for the bankruptcy filing.

Continue reading

PBGC Takes On Big Brothers

The Employee Benefits Plan of Big Brothers Big Sisters of Metropolitan Detroit terminated as of September 14, 2018 with the Pension Benefit Guaranty Corporation (PBGC) taking over as trustee on October 7, 2019.

That should have been it as the PBGC would have taken the plan assets (valued at $140,200 as of 12/31/18) and started paying out benefits up to guaranteed limits. However, in this case there is a twist.

Continue reading

Saving Local Journalism?

Included in the $1.4 trillion spending bill for FY 2020 (pages 1585 – 1597) was the Save the Community Newspaper Act which, according to the Seattle Times:

will allow privately held community newspapers to stretch out payments owed to pension plans that have been frozen through years of industry trouble. Without the urgently needed relief, these newspaper companies would face immense obligations coming due in 2021 under federal pension contribution laws. This long-sought relief reduces the annual bill to a manageable level while preserving pensioners’ rights to every penny they are due.

So what will this do for the Seattle Times?

Continue reading

McClatchy Seeks Bailout

McClatchy Co., the third-largest newspaper publisher in the U.S. by circulation, has frozen pension payments to some former executives and enlisted the services of a bankruptcy-administration firm as it seeks a government takeover of its retirement plan, the company’s chief financial officer said – Wall Street Journal

Benefit accruals have been frozen in The McClatchy Company Retirement Plan for years but unfunded liabilities remain – in part due to having to pay PBGC premiums in the $15 million range annually. Based on Schedule SB data the company has not made contributions since 2015, using a dwindling Prefunding Balance as justification for shortchanging the plan.

Continue reading

Private Pension Plans – 2017 Update

The Employee Benefits Security Administration (EBSA) released a report on private pension plans (excluding “one-participant” plans) based on data taken from 2017 5500 filings.

Of most interest:

Continue reading