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ARTICLE · 09 DECEMBER 2015

Pension Plan Changes Included In Bipartisan Budget Act Of 2015

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The headlines generated from the Bipartisan Budget Act of 2015 generally focused on how the legislation raises the debt ceiling through 2017, sets federal spending through the 2016 and 2017 fiscal years...

United StatesAccounting and Audit
Dan Jones
Dan Jones
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The headlines generated from the Bipartisan Budget Act of 2015 generally focused on how the legislation raises the debt ceiling through 2017, sets federal spending through the 2016 and 2017 fiscal years, and eases strict caps on spending. But, importantly for many employers, the act also includes a number of changes related to defined benefit pension plans.

Increase in single-employer plan flat premium rates

Under previous law, single-employer plans that are covered by the termination insurance program under the Employee Retirement Income Security Act of 1974 (ERISA) must pay the Pension Benefit Guaranty Corporation (PBGC) a flat-rate premium for each individual who's a participant in the plan during the year. The premium is for the PBGC's guarantee of basic benefits under Title IV of ERISA.

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