Pension Agency Scraps 2009 Proposal, Cuts Reporting Requirements

The U.S. Chamber of Commerce praised last week's move.

The Pension Benefit Guaranty Corporation on Aug. 3 announced a new proposal that scraps its 2009 proposal and will reduce reporting requirements for more than 90 percent of companies and pension plans. The move will exempt all small plans and the more than 70 percent of pension plans whose sponsors are financially sound from many requirements, and some reporting requirements such as bankruptcy filings will be eliminated because PBGC can get the information from other sources.

"One way we encourage companies to keep their pensions is by cutting unnecessary red tape," said PBGC Director Josh Gotbaum. "That's what we're doing here. Not only is it better for businesses and plans, it will let us focus our efforts where they're really needed."

Last fall, the agency announced similar changes in its enforcement policy for companies that downsized or engaged in other transactions that might affect plans.

The U.S. Chamber of Commerce praised the new proposal for addressing the needs of company sponsors. "We appreciate the efforts of the PBGC in withdrawing the original proposal and working toward a rule that is less burdensome and more efficient," said Randy Johnson, the chamber's senior vice president of Labor, Immigration, and Employee Benefits. "Although we are still reviewing the proposed regulation in detail, we believe that it is a significant step in the right direction and an important indication from the PBGC that they are listening to plan sponsors."

Download Center

HTML - No Current Item Deck
  • Free Safety Management Software Demo

    IndustrySafe Safety Management Software helps organizations to improve safety by providing a comprehensive toolset of software modules to help businesses identify trouble spots; reduce claims, lost days, OSHA fines; and more.

  • Easy to Use Safety Incident App

    Record incidents on the go with IndustrySafe’s mobile app. Collect data for multiple types of incidents including including near misses, vehicle and environmental incidents, and employee and non-employee injuries; at job sites and remote locations—with or without web access.

  • Safety Training 101

    When it comes to safety training, no matter the industry, there are always questions regarding requirements and certifications. IndustrySafe is here to help. We put together a resource that’s easy to digest so you can get answers to your training questions and ensure you're complying with OSHA's standards.

  • Conduct EHS Inspections and Audits

    Record and manage your organization’s inspection data with IndustrySafe’s Inspections module. IndustrySafe’s pre-built forms and checklists may be used as is, or can be customized to better suit the needs of your organization.

  • Track Key Safety Performance Indicators

    IndustrySafe’s Dashboard Module allows organizations to easily track safety KPIs and metrics. Gain increased visibility into your business’ operations and safety data.

  • Industry Safe
comments powered by Disqus