The Bipartisan Budget Act of 2013, passed by both houses of Congress and signed into law by the president in late December, raises variable rate premiums by $5 in plan year 2015 and an additional $5 in plan year 2016. It further raises flat rate premiums to $57 in plan year 2015 and to $64 in plan year 2016 for sponsors of defined benefit pension plans to the Pension Benefit Guaranty Corporation, while increasing the cap on the variable rate premium. For more information, see our Tax Legislative Update.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.