PBGC Announces Change to ERISA Section 4062(e) Enforcement Practices | Practical Law
The Pension Benefit Guaranty Corporation (PBGC) announced changes to its financial assurance program under Section 4062(e) of the Employee Retirement Income Security Act of 1974 (ERISA). Under the new program, a company that is financially sound or whose plan has fewer than 100 participants will not be required to make additional contributions or provide a financial guarantee to the plan when the company ceases operations at a facility, causing a substantial share of workers in the plan to lose their jobs.