New PBGC regulations are making employers scratch their heads

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Law360 (July 14, 2021 7:21 p.m. EDT) – The Pension Benefit Guaranty Corp. has released regulations describing how a $ 94 billion grant program for troubled union pension plans will work, but its impact on how much employers pay to withdraw from those plans is unclear, lawyers say.

The rules, released on Friday, will change the way many actuaries calculate how much unionized establishments owe the retirement plans they left behind. Actuaries working with plans participating in the grant program are required to use a specific interest rate when they settle employer bills, the rules say, removing the actuarial discretion to use the rate that they believe works best. …

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