Have you adequately assessed your Plan’s risks?
What is a dangerous funded status for your Plan given your Plan’s maturity and recovery tools? Completing a risk assessment may help you proactively address a problem before it is too late.
Month: May 2023
Health
Rael & Letson consultants work on strategic and everyday issues for our clients, which include Taft-Hartley funds, multi-employer funds, governmental and public sector plans, VEBAs, and corporate plans. Some of the key areas we focus on for clients include: Continue reading “Health”
IFEBP Annual Conference
It was great to attend the International Foundation of Employee Benefit Plans (IFEBP) 69th Annual Employee Benefits Conference! We went to some interesting sessions, connected with many clients and vendors, and enjoyed exploring the city of Boston. Thanks to everyone who stopped by our booth, we appreciated getting to spend time with so many of you!
If you didn’t have a chance to chat with us, please reach out. We look forward to seeing you all again next year in San Diego!
Secure 2.0
SUMMARY OF SECURE 2.0 ACT FOR MULTIEMPLOYER DEFINED CONTRIBUTION PLANS
On December 29, 2022, the SECURE 2.0 Act was signed into law as part of the Consolidated Appropriations Act, 2023. The new law includes significant changes to retirement rules that primarily focus on expansion of retirement savings opportunities and access in Defined Contribution Plans (“DC Plans”). Continue reading “Secure 2.0”
The American Rescue Plan Act of 2021
On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”). The American Rescue Plan Act of 2021 is a $1.9 trillion economic stimulus package designed to speed up the nation’s recovery from the economic and health effects of the COVID-19 pandemic. While it mostly targets pandemic relief, ARPA also contains pension plan relief for both multiemployer and single employer plans. Rael & Letson has prepared a summary that addresses the ARPA provisions affecting multiemployer pension plans.
Click here for a high-level summary of key Multiemployer Pension provisions of the American Rescue Plan Act of 2021 (PDF)
Summary of Special Financial Assistance Guidelines – Interim Final Rule
On July 9, 2021, the PBGC and IRS issued interim final rules addressing the Special Financial Assistance (“SFA”) provisions from the American Rescue Plan Act (“ARPA”) of 2021. Government funding of the SFA is anticipated to provide an estimated $74 to $91 billion in assistance to more than 100 eligible plans covering more than 3 million participants and address the solvency of the PBGC’s Multiemployer Insurance Program.
Click Here for a summary of the Special Financial Assistance Guidelines – Interim Final Rule (PDF)
Summary of Special Financial Assistance Guidelines – Key Changes From Interim Final Rule
On July 8, 2022, the Pension Benefit Guarantee Corporation (“PBGC”) issued its Final Rule relating to the Special Financial Assistance Program for Financially Troubled Multiemployer Plans; a program that was part of the American Rescue Plan Act of 2021 (“ARP”). In doing so, the PBGC adopted the provisions of the Interim Final Rule published on July 9, 2021, with some additional modifications that respond to the comments received after the Interim Final Rule was published.
Click Here for a summary of the Key Changes to the Interim Final Rule (PDF)