Regulatory Updates
Regulatory Updates provide quick access to employee benefit regulations, rulings and other guidance released by governmental agencies in the U.S. and Canada.
New updates to this page may be included in Today’s Headlines which is emailed to International Foundation members each business day. Inquiries regarding these updates should be directed to the Benefits Knowledge Center at the International Foundation at (888) 334-3327, option 5 or [email protected].
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PBGC Issues 2023 Annual Report Showing Finances Continue to Improve
The Pension Benefit Guaranty Corporation (PBGC) released its Fiscal Year (FY) 2023 annual report showing, for the third year in a row, PBGC’s insurance programs are both reporting positive net financial positions.
PBGC’s Multiemployer Program had a positive net position of $1.5 billion at the end of FY 2023, compared with $1.1 billion at the end of FY 2022, an improvement of $400 million.
Estimates from PBGC’s FY 2022 Projections Report show the Multiemployer Program is likely to remain solvent for more than 40 years, primarily due to the enactment of the Special Financial Assistance (SFA) Program as part of the American Rescue Plan Act of 2021.
During FY 2023, PBGC also provided nearly $176 million in traditional financial assistance to 100 multiemployer plans covering over 80,000 participants receiving guaranteed benefits. The Multiemployer Program covers approximately 11 million participants in about 1,360 insured plans.