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On January 12, 2021, the Department of Labor (the DOL ) issued three pieces of guidance detailing the
DOL s view of what steps plan fiduciaries should take to locate
and distribute retirement benefits to missing or nonresponsive
participants ( missing participants ). The guidance is
largely consistent with positions taken by DOL in investigations.
The guidance provides DOL s views on what is best
practices in searching for missing participants and a glimpse
into DOL s enforcement process under its missing participant
initiative. However, the guidance does not establish the type of
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On January 12, 2021, the Department of Labor (the “DOL”) issued three pieces of guidance detailing the DOL’s view of what steps plan fiduciaries should take to locate and distribute retirement benefits to missing or nonresponsive participants (“missing participants”). The guidance is largely consistent with positions taken by DOL in investigations. The guidance provides DOL’s views on what is “best practices” in searching for missing participants and a glimpse into DOL’s enforcement process under its missing participant initiative. However, the guidance does not establish the type of clear, bright-line rules many plan sponsors and services providers were asking for. Importantly, as noted in the guidance, this guidance does not have force and effect of law. As such, while moving the ball forward, whether the guidance helps to create a more efficient path through missing participant investigations will have
Aggregate investment return of 11.72% wasn’t enough to counter falling interest rates.
Funding for the 100 largest corporate pension plans in the US declined $50 billion last year as their aggregate funding ratio slipped to 88.2% at the end of the year from 89.8% at the end of 2019, according to consulting firm Milliman.
After sharp investment declines in the first quarter, asset returns rebounded strongly during the rest of the year. That rebound helped offset the funded status deterioration that was a result of the discount rates used to value pension liabilities continuing to fall. The funded status deficit of the 100 plans tracked by the Milliman 100 Pension Funding Index (PFI) was at $234 billion at the end of December, which was the lowest monthly funded status deficit during the year.
Finance ministry hiring actuarial services to assess retirement schemes
National
January 12, 2021
ISLAMABAD: The Ministry of Finance has decided to hire actuarial services from qualified actuarial firms to assess and determine the Retirement Benefit Schemes liabilities of the federal government as on June 30th 2020.
The federal government has a Defined Benefit (DB) Pension Scheme for all its civil servants. It also has a contributory provident fund scheme besides a post-retirement medical benefits. The scope of work for hired consultant firms include reports for pension, general provident fund and medical schemes of the federal government for both civil and military service for all forms of pension systems applicable whether Contributory Pension Funds or gratuities paid to contract employees. Scope of work also includes policy options for a new Defined Contribution Pension Scheme for the newly hired in the government. The Federal Government employs some 1.36 million individuals