WASHINGTON: The Pension Benefit Guaranty Corporation invites interested parties to submit nominations by February 16, 2024, for a spot on the agency’s Advisory Committee representing the interests of the general public.

A solicitation was recently published in the Federal Register to help ensure that a wide pool of candidates could be considered to fill the position. This position will be appointed by the president of the United States for a three-year term.

Nominees must have experience with defined benefit plans, the administration or advising of pension plans, or in related fields. The Employee Retirement Income Security Act of 1974 (ERISA) outlines several responsibilities for PBGC’s Advisory Committee, including advising on investment policy and other matters related to PBGC’s mission.

The committee comprises seven members: two representing employee organizations, two representing employers who maintain pension plans, and three representing the general public. It meets six times a year with at least one joint session with PBGC’s Board of Directors.

PBGC is committed to equal opportunity in the workplace and seeks a broad-based and diverse Advisory Committee.

PBGC protects the retirement security of over 31 million American workers, retirees, and beneficiaries in both single-employer and multiemployer private sector pension plans. The agency’s two insurance programs are legally separate and operationally and financially independent. PBGC is directly responsible for the benefits of nearly 1.4 million participants and beneficiaries in failed single-employer pension plans. The Single-Employer Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. The Multiemployer Program is financed by insurance premiums and investment income. Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer monies

The post PBGC Seeks Nominations for Advisory Committee appeared first on NRI News.

WASHINGTON, D.C.: The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the application submitted to the Special Financial Assistance (SFA) Program by the Automotive Industries Pension Plan (Automotive Industries Plan). The plan, based in Dublin, California, covers 23,687 participants in the transportation industry.

The Automotive Industries Plan will receive approximately $1.1 billion in special financial assistance, including interest to the expected date of payment to the plan. The plan was projected to become insolvent and run out of money in 2033. Without the SFA Program, the Automotive Industries Plan would have been required to reduce participants’ benefits to the PBGC guarantee levels upon plan insolvency, which is roughly 50 percent below the benefits payable under the terms of the plan. SFA will enable the plan to continue to pay retirement benefits without reduction for many years into the future.

“Millions of people work for years, looking forward to the day when the promise of a secure, dignified retirement is kept,” said Acting Secretary of Labor Julie Su. “Today, the Biden-Harris administration is delivering on that promise for 23,687 workers by providing Special Financial Assistance in the Automotive Industries Pension Plan that ensures they can retire with the dignity they deserve.”

The post PBGC Approves SFA Application for Automotive Industries Plan appeared first on NRI News.