Regulatory update April 2020

In this update we briefly review two issues presented by the layoff or furlough of employees in the current Coronavirus crisis – treatment of outstanding plan loans and possible partial termination – and IRS’s extension to July 15, 2020 of certain filing deadlines. Layoffs/furloughs – plan loans and partial termination rules Generally, we use “layoff”… Read More

Annuity Purchase Update: April 2020 Interest Rates

April 2020 Duration: 7 Years 15 Years   7 Years 15 Years Range Rate: 1.25% – 2.41% 1.92% – 2.90% Average Rate: 1.95% 2.49% As mentioned in our March 2020 Pension Finance Update, pension plans lost ground last month. COVID-19 has had a profound impact on the world, and as a result of the pandemic,… Read More

Implementing a Coronavirus distribution program in your DB plan

Most of the focus on the new CARES Act 2020 retirement plan liquidity provisions – liberalized withdrawal rules, waiver of the 10% early withdrawal tax, and 3-year income tax recognition/rollover – has been on 401(k) plans. But the temporary relief also applies to defined benefit plans, and DB plans may serve as an indispensable resource… Read More

March 2020 Pension Finance Update

Tumbling stock markets dealt another blow to pension sponsors in March. Both model plans we track[1] lost ground: Plan A lost 3% in March, ending the quarter 13% lower than at the end of 2019, while Plan B slipped more than 1% and is now down more than 4% for the year: Assets Falling stock markets… Read More

Markets 2020 – effect on PBGC variable-rate premiums and strategies to reduce them

Many plan sponsors’ funding policy – and the response to current interest rate and asset declines – is likely to be framed with a view to reducing so far as possible PBGC variable-rate premiums.

For most plans, 2021 PBGC variable-rate premiums are going up significantly – for a $100 million plan, next year’s premium could jump around $500,000.

Annuity Purchase Update: March 2020 Interest Rates

March 2020 Duration: 7 Years 15 Years   7 Years 15 Years Range Rate: 1.41% – 1.82% 1.66% – 2.12% Average Rate: 1.65% 1.87% As mentioned in our February 2020 Pension Finance Update, pension plans lost ground last month. The strong equity market returns of 2019 were set back by poor performance in both January… Read More

Markets 2020 – effect on ERISA minimum funding requirements

We are beginning a series of articles on the effect of the current crisis on retirement plan finance.  As we discussed in our introduction to these issues, the current situation is (to state the obvious) very volatile. For most plans (on a calendar year), 2020 funding requirements will depend on year-end interest rate and asset data,… Read More

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