Understanding how reportable events work can be critical under a company's loan covenants and create financial challenges if not recognized and dealt with properly.
Pension plans and the companies who sponsor them are required to give the Pension Benefit Guaranty Corporation (PBGC) notice of Reportable Events - events and transactions affecting either the company or the plan that may signal financial problems and potentially put pensions at risk. Employers need to know when a reportable event occurs and when to file with the PBGC. Failing to recognize and timely file a notice of reportable event can subject a company to penalties of up to $1,100 per day of delay. This topic explains the new reportable event definitions under the PBGC regulations that went into effect January 1, 2016. Learn the expanded waiver provisions that employers need to know, deadlines for post event notices and advance notices, and new PBGC forms for reportable events. Learn what the employer needs to know to comply with the new reportable event rules and avoid PBGC problems, what actions the PBGC is likely to take after a reportable event filing, and how to negotiate with PBGC in the event of threatened PBGC action. This is vital invormation for any employer with a defined benefit pension plan.
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Agenda
What Is a Reportable Event?
- ERISA Requirements and Pension Benefit Guaranty Corporation Regulations
- Role of PBGC in Insuring Pension Benefits and Termination of Pensions.
- Purpose of Reportable Event Filings
- Liabilities for Parent Corporation and Subsidiaries
New Rules for Reportable Events Effective January 1, 2016
- Events That Trigger Duty to File, PBGC Forms
- Events That Trigger Advance Reporting
- Penalties for Failing to File
- Waivers: Low Default Risk, Well-Funded Plan, Small Plan, Public Company
Negotiating With PBGC Over Reportable Events
- What Action Does PBGC Take After the Reportable Event Filing?
- How Should the Employer Respond to the PBGC?
- What Powers Does the PBGC Have to Force Compliance?
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on March 17, 2016.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
James P. McElligott, Jr.
McGuireWoods LLP
- Partner with McGuireWoods LLP
- Practice includes defense of class action claims of ERISA fiduciary breach; representation of employers before and in litigation with the PBGC; multi-employer plan withdrawals and mass withdrawals; ERISA “stock-drop” litigation; retiree medical claims; severance claims; “top hat” litigation; ERISA 510; and HIPAA privacy and security litigation
- Has litigated in federal district and appellate courts, in Tax Court, in bankruptcy courts, and has handled matters before and in litigation with the NLRB, the EEOC, and the Department of Labor
- Member of the Employee Benefits Committee of the U.S. Chamber of Commerce, management co-chair of the Employee Benefit Claims subcommittee of the ABA Section of Labor and Employment Law; former president of the Federal Bar Association, Richmond Chapter, and former president of the Central Virginia Employee Benefits Council
- Has a national ERISA litigation and arbitration practice; is a fellow of the College of Labor and Employment Attorneys; and is listed in Best Lawyers in America, under ERISA, ERISA litigation, labor law, and employment law; received the highest rating in the Martindale-Hubbell Law Directory for labor and employment law; is a “Leading Lawyer for Business," labor and employment: employee benefits and compensation in Chambers USA, 2008 to 2015; and "Virginia Super Lawyers," employee benefits/ERISA, employment and labor, 2007 to 2015
- J.D. degree, cum laude and served as note editor for the Harvard Journal on Legislation, Harvard Law School; graduate, Phi Beta Kappa, University of Illinois
- Can be contacted at 804-775-4329 or [email protected]
Robert B. Wynne
McGuireWoods LLP
- Associate with McGuireWoods LLP
- Practices in the firm’s tax and employee benefits department, where he advises public and private clients with respect to the design and administration of retirement and welfare plans, compensation arrangements, and compliance requirements
- Represents clients in interactions with several government agencies, including the Internal Revenue Service, the Pension Benefit Guaranty Corporation and the Department of Labor
- J.D. degree, University of North Carolina; LL.M. degree in tax, Georgetown University Law Center; graduate, Phi Beta Kappa, Sewanee: The University of the South
- Can be contacted at 804-775-1868 or [email protected]
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