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Pension and Employee Benefits: Code, ERISA, & Regulations
This series provides an authoritative and comprehensive reference to the full text of benefits-related provisions of the Internal Revenue Code, the full text of ERISA, and related proposed and final regulations, as well as the official IRS and DOL preambles, and Committee Reports.
The PBGC and the United Kingdom's (UK's) The Pensions Regulator and the Pension Protection Fund have signed a Memorandum of Understanding (MOU) to share any unrestricted information that advances the security of defined benefit plans sponsored by private-sector companies. The PBGC notes that confidential information about those companies will not be shared.
The MOU, which provides a framework for information sharing that will help the agencies protect retirement benefits of workers in both countries, reflects the mutual interests of the agencies and the global reach of companies that sponsor pension plans. While the MOU will facilitate the agencies' access to data, intelligence, and other records, it is not legally binding. The agencies do not have to help each other, particularly if legal proceedings have been initiated or if the assistance would be contrary to the interests of either country. The agreement can be canceled by any party at any time.
The Pensions Regulator, which supervises private-sector defined benefit plans in the UK, is required to protect the retirement benefits of plan members and to reduce the risk of claims for compensation from the Pension Protection Fund. The Pension Protection Fund pays compensation to members of eligible defined benefit plans when a plan sponsor is unable to pay benefits.
Source: PBGC News Release No. 10-04, November 4, 2009.
For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.
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