Pensions


The Pension Benefit Guaranty Corp. (PBGC) proposed a statement of policy that would revise the structure of penalties assessed against pension plan administrators who fail to notify participants of underfunding and of the extent to which the PBGC would compensate for such deficiencies ( www.pbgc.gov/regs ). Under the suggested statement, penalties would be based on the number of plan participants rather than on the number of days delinquent, as currently required. The recommended policy also would provide for a more rigorous audit program, coupled with stricter enforcement and significantly higher penalties for repeated noncompliance. Comments are due July 6.

SPONSORED REPORT

Get your clients ready for tax season

These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.