The filings do not detail exactly how insolvent the plans actually are, since they just indicate plans that are below the 80 percent and 65 percent thresholds. They are: Through collective bargaining, employers agree to fund these plans with contributions to a pension trust fund based on employee hours worked. The .gov means it’s official. GAO found that PWBA complied with applicable requirements in promulgating the rule. Federal government websites often end in .gov or .mil. The final rule establishes new standards for the processing of claims under group health plans and plans providing disability benefits. The Department has estimated minimal start-up costs (primarily to review and update the model notice), because plans have been complying with the annual funding notice requirement for several years. What is a cash balance plan? 2 In 2004, the Pension Funding Equity Act, Pub. About 1 in 4 workers currently covered by a traditional pension plan is in a multiemployer plan, established by a labor union and an industry or trade group to cover workers from two or more related employers. Answer: The U.S. Department of Labor enforces Title I of the Employee Retirement Income Security Act (ERISA), which, in part, establishes participants' rights and fiduciaries' duties. The Pension and Welfare Benefits Administration (PWBA) promulgated a major rule on the Employee Retirement Income Security Act of 1974. Married plan participants receive a joint-and-survivor annuity, which is an annuity payable for the lifetime However, certain plans are not covered by the protections of Title I. Can I get my pension money if I am laid off? The union pension plan solvency determinations are based on the certified actuarial reports that are required by the Labor Department to be filed and publicly posted online. L. 108-218, amended title I of ERISA by adding section 101(f), The Labor Department announced sweeping rules Wednesday that could transform the financial advice given to people saving for retirement by requiring brokers and … Before sharing sensitive information, make sure you’re on a federal government site. What is the role of the U.S. Department of Labor in regulating pension plans? “Automatic enrollment, employer match rates, and employee compensation in 401(k) plans” Monthly Labor Review, May 2015 (based on unpublished NCS data, compares employer costs in establishments with and without automatic enrollment in 401 (k) plans). Does the Uniformed Services Employment and Reemployment Rights Act (USERRA) require that an employee receive pension credit while absent to perform military service? Department of Labor’s 2016 Fiduciary Rule: Background and Issues Congressional Research Service 2 The pension plan provides these payments for the lifetime of the worker after retirement. Question: What is the role of the U.S. Department of Labor in regulating pension plans? based on a comment from an actuary.