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PBGC Wants Reporting on Lump-Sum Pension Cash-Outs and Annuity Purchases

2015-01-20 06:07:59| IT Services - Topix.net

With pension buyouts continuing apace, the Pension Benefit Guaranty Corporation has asked the Office of Management and Budget for approval to modify the PBGC's 2015 premium payment forms to require reporting of certain "risk transfers" through "lump-sum window" and annuity purchases over a three-year period. During the past few years, billions of dollars of benefit obligations of pension plans of Fortune 500 companies and smaller employers have been eliminated through lump-sum distributions and purchases of annuity contracts issued by insurance companies.

Tags: reporting purchases pension annuity

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