October Three Consulting, LLC

On July 8, 2022, a three-judge panel of the DC Circuit Court of Appeals reversed the decision of a lower court in United Mine Workers of America 1974 Pension Plan v. Energy West Mining Company, ordering that the discount rate used to calculate multiemployer pension plan withdrawal liability must be similar to the discount rate the Enrolled Actuary uses in performing funding calculations for the plan. In doing so, the DC Circuit joins the Sixth Circuit (see our article Multiemployer plan withdrawal liability: Sixth Circuit strikes down “Segal Blend”) in coming to this conclusion. This is welcome news for contributing employers that withdraw from multiemployer pension plans.

Multiemployer Plan Withdrawal Liability: DC Circuit Says Discount Rate Used for Withdrawal Liability Must be Similar to Discount Rate Used for Funding - October Three Multiemployer Plan Withdrawal Liability: DC Circuit Says Discount Rate Used for Withdrawal Liability Must be Similar to Discount Rate Used for Funding

On April 28, 2022, the IRS published proposed regulations/mortality tables for determining the present value of benefits under defined benefit plans for purposes of determining the plan’s ERISA minimum funding requirements, Pension Benefit Guaranty Corporation variable-rate premiums, and lump-sum valuations. Read our newest update to learn more:

IRS proposes new regulations/mortality tables for DB valuations - October Three IRS proposes new regulations/mortality tables for DB valuations

On May 5, 2022, Senator Tuberville introduced the “Financial Freedom Act of 2022.” The bill would push back on recent positions the Department of Labor has taken with respect to, e.g., “climate related financial risk,” private equity, and cryptocurrency investments, particularly in participant directed defined contribution plans. Read our newest article to learn more.

Senator Tuberville introduces Financial Freedom Act - October Three Senator Tuberville introduces Financial Freedom Act