Pre-2018 What's New for Practitioners Archive

2017 Archive

Missing Participants Program Final Rule: On December 22, 2017, PBGC will publish a final rule expanding and updating its existing Missing Participants Program. Under the final rule, plan sponsors that terminate 401(k) and other defined contribution plans can turn to PBGC for help in distributing plan benefits to missing participants.

In addition to defined contribution plans, the expanded program now covers terminated PBGC-insured multiemployer plans and non-insured defined benefit plans sponsored by professional service organizations. The final rule also makes improvements to PBGC's pre-existing Missing Participants Program for PBGC-insured single-employer plans.

The final rule is available for public inspection. Additional information, including forms and instructions, are available on PBGC’s Expanded Missing Participants Program Web page. (12/21/2017)

Expected Retirement Age Annual Update: On December 20, 2017, PBGC published a final rule amending its valuation regulation by substituting a new table for selecting a retirement rate category. The new table applies to any plan being terminated either in a distress termination or involuntarily by the PBGC with a valuation date falling in 2018. (12/20/2017)

Benefit Restrictions - Present Value of PBGC Maximum Guarantee: On November 1, 2017, PBGC posted a table showing the applicable present values for 2018 plan years. New for this year, PBGC also posted a two-column version of the table for convenient copying. For more information see Technical Update 07-04. (11/01/2017)

Guarantee Limit: On October 30, 2017, PBGC announced that, as a result of the indexing rules provided in ERISA, the guarantee limits for single‑employer plans that fail in 2018 will be 0.95% higher than the limits that applied for 2017.  A table showing the single-employer plan guarantee limits for various ages and payment forms is available on the PBGC's website.  The guarantee limits for multiemployer plans are not indexed and therefore have not changed. (10/30/2017)

2018 Premium Rates: PBGC updated the "Premium Rates" webpage to show premium rates for 2018 after reflecting increases and indexing required by section 4006 of ERISA, as amended by The Bipartisan Budget Act of 2015. (10/17/2017)

PBGC Launches Pilot Mediation Project: On October 16, 2017, PBGC announced the creation of a Pilot Mediation Project that will offer mediation in certain Termination Liability Collection and Early Warning Program cases. The mediation project is part of the agency’s ongoing efforts to make it easier for sponsors to maintain their pension plans. For more information on the program, see our related news release: PBGC to Launch Pilot Mediation Project to Resolve Certain Termination Liability Collection and Early Warning Program Cases. For more information about eligibility, visit PBGC’s Plan Sponsor Pilot Mediation Project webpage or call the Corporate Finance & Restructuring Department at 202-229-4070. (10/16/2017)

2015 Pension Insurance Data Book: Today, PBGC released the final installment of tables for the 2015 Data Book, updating information in the Guarantee Payments tables and Summary tables. This release also includes several new tables for the Multiemployer Program. (9/29/2017)

New PBGC Coverage webpage: On September 29, PBGC posted a new webpage for employers and practitioners summarizing which pension plans are covered by PBGC’s insurance program and which are not. For the vast majority of plans, it’s fairly obvious whether PBGC coverage applies, but due to complicated rules in the law, that is not always the case. This is especially true for small plans that cover only professional individuals (e.g., attorneys, architects), plans based in Puerto Rico, and plans affiliated with a church. The webpage provides an overview of the rules and highlights the types of plans that should consider requesting a coverage determination. (9/29/2017)

Active Participant Reduction Reportable Events: To eliminate possible duplicative reporting for plans that reported an active participant reduction due to a single-cause under § 4043.23(a)(1), PBGC is providing an alternative method for determining whether an active participant reduction due to attrition must be reported to PBGC under § 4043.23(a)(2).  See PBGC Technical Update 17-1 for details.  (9/15/2017)

Additional Disaster Relief related to Hurricanes Harvey and Irma: On September 12, 2017, the Internal Revenue Service (IRS) issued Notice 2017-49 providing relief for certain defined benefit plans because of damage caused by Hurricanes Harvey and Irma. Among other things, this notice extends the contribution due date for affected defined benefit plans. As a result, contributions made more than 8½ months after the end of the prior plan year may, in certain instances, be designated as being for the prior plan year. The relief in Notice 2017-49 applies to PBGC requirements that key off the contribution due date (e.g., whether a contribution is timely, whether that contribution is included in market value of assets).

This relief is in addition to PBGC-provided disaster relief related to waiving certain penalties and extending certain deadlines for affected plans. See PBGC’s Disaster Relief Announcements webpage for information about PBGC disaster relief. (9/12/2017)

Hurricanes Harvey and Irma response: In response to severe storms and flooding from recent hurricanes, PBGC is waiving late premium payment penalties and extending certain other deadlines for affected plans.  PBGC posted separate Disaster Relief Notices for affected plans in Texas, U.S. Virgin Islands, Florida and Puerto Rico explaining which plans are eligible, the exact nature of the disaster relief, how to claim the relief, etc. See PBGC’s Disaster Relief Announcements webpage.

PBGC’s FY 2016 Projections Report: On August 3, 2017, PBGC released its FY 2016 Projections Report, an annual actuarial evaluation forecasting the future financial condition of PBGC’s Single-Employer and Multiemployer Programs. Under current estimates, the financial condition of the Single-Employer Program is likely to improve over the next 10 years, while the Multiemployer Program, absent changes in law or additional resources, will likely face insolvency by the end of 2025. (8/03/2017)

PBGC’s Regulatory Planning and Review: PBGC would like to hear from employers and practitioners on our regulatory program. We are particularly interested in the regulatory and deregulatory actions you believe PBGC should consider.

PBGC is committed to providing clear and helpful guidance. We want to minimize burdens of complying with regulations while maximizing the benefits, and address any ineffective and outdated rules. We have developed a set of questions, which are included in a Request for Information (RFI) that PBGC is publishing in the Federal Register Wednesday, July 26, 2017. Be sure to get your comments in by August 25, 2017, for consideration. (7/25/2017)

My PAA Updates: We’ve improved premium e-filing via My PAA. Three new Quick Link buttons on the top of the Plan Page will take you directly to the Premium Filings section, to the Plan Practitioners section, and to a new Plan Correspondence page to view correspondence that was/will be mailed to the plan administrator. In addition, an email confirmation will be sent to the plan’s e-filing team members for uploaded filings similar to the emails sent for submitted screen-prepared and imported filings. Also, the check vouchers offered in My PAA will now typically be prepopulated with the filing’s data (e.g., EIN/PN) for all e-filing methods. For more information, see What’s New in My PAA.  (7/24/2017)

2015 Pension Insurance Data Book: On July 10, PBGC released a second installment of tables for the 2015 Data Book, updating information in the Premium and Covered Plan Information tables. PBGC’s annual data books include statistics for PBGC's single-employer and multiemployer programs and for the private defined benefit pension system, including state-by-state information. (7/10/2017)

Risk Mitigation & Early Warning Program Update and FAQs: In December 2016, PBGC enhanced and reorganized the information available on its Risk Mitigation and Early Warning webpage. We also invited dialogue on the program and encouraged stakeholders to send us questions. In response to stakeholder feedback, we clarified what transactions or events do and do not trigger an Early Warning Program review and posted a new set of Risk Mitigation and Early Warning Program FAQs. (5/10/2017)

A New PBGC.gov!: This morning we launched a new PBGC.gov with a cleaner, updated look and feel. Our redesign focused on the user experience, and making it simple for you to find the information you need. We’ve improved the search engine, and we hope that you’ll find the site cleaner and easier to navigate. Whether viewing PBGG.gov on a desktop, laptop, or mobile device, you’ll have the same seamless experience. If you’re a regular visitor to PBGC.gov, don’t worry! Your bookmarks and links will still work on the new site. For a short walkthrough of the new site, view our video. As we continue to improve, we welcome your feedback! Email us at webmaster@pbgc.gov with your thoughts and suggestions. (5/05/2017)

My PAA Updates: If you have the plan in your My PAA account (which is highly recommended), you can now view the comprehensive premium filings that were successfully submitted via all e-filing methods (screen-prepared, imported, uploaded). The information includes the premium filing data, the filing's My PAA Confirmation Number (for reporting on the related Form 5500), the status of each submitted filling (e.g., if the filing posted to the plan's account history), and any filing errors/warnings (e.g., if the submitted filing failed any validations). In addition, for in-process screen-prepared and imported filings, more data will be prepopulated and there will be additional validations to help improve accuracy (e.g., if the plan's effective date is inconsistent with the previously-reported date). See Online Premium Filing with My PAA for additional information. (4/24/2017)

2015 Pension Insurance Data Book: Today, PBGC released the first installment of the 2015 Data Book.

This release includes:

• Updated figures for both the summary and claims tables

• An updated Multiemployer Graphical Supplement

PBGC will continue to update the data tables as they become available. Future releases include updated data on guarantee payments and information on plans covered by PBGC. (3/13/2017)

Annual Update of Maximum Civil Monetary Penalty: Federal law requires that PBGC amend its civil penalty regulations annually to incorporate an inflation adjustment on the maximum penalty that may be assessed when plans fail to provide certain required information (e.g., reportable event filings, 4010 filings, certain multiemployer plan notices).  Accordingly, on January 31, 2017, PBGC will publish a final rule amending two regulations (29 CFR parts 4071 and 4302). 

Although the maximum penalty is increasing, it's worth noting that it is uncommon for PBGC to assess information penalties. The agency's goal is to encourage compliance, not to penalize plans that inadvertently forget to file information.  In most cases, when PBGC does assess an information penalty, it is for an amount significantly less than the maximum permitted. (1/30/2017)

4010 e-filing update: The e-4010 module of PBGC's e-filing portal has been updated to reflect the regulatory changes issued last March applicable to information years beginning on or after January 1, 2016 (i.e., filings due on or after April 17, 2017). The e-filing portal is now ready to accept 4010 filings for such years.  Additional information and updated versions of the filing requirements (e.g., illustrative form, screenshots) are available on PBGC's 4010 web page.  (1/23/2017)

2017 Premium Filings: My PAA is now ready to accept electronic premium filings for plan years beginning in 2017.  For additional information, see the following pages:  Premium Payment Instructions & Addresses, What's New in My PAA, Online Demos, Online Premium Filing with My PAA page (for FAQs, My PAA User's Manual, etc.).   Also, here are a few premium reminders: (1/09/2017)   

• Verify our website to confirm the payment addresses to use before submitting any payment because addresses are subject to change.

• Verify your account number and routing number before paying online via My PAA or Pay.gov to prevent a "returned payment".  Also, if your account has an "ACH Debit Block", provide the appropriate PBGC Company ID to your financial institution before you submit your payment so they may authorize PBGC to debit your account.

• Update your "bookmarks" to use "https" rather than "http" to improve security when accessing My PAA pages (e.g., the Login Page) because "http" will not work after a transition period of a few months.

• A week after we receive your filing, we will send an acknowledgement letter that includes processing results (e.g., amounts due, filing errors, etc.).

2017 Premium Filing Instructions: The Comprehensive Premium Filing Instructions for 2017 Plan Years (including the illustrative form) have been approved by OMB and are now available on PBGC's website.  Of particular note is a new chapter about the effect of plan mergers and spinoffs on premium requirements.  My PAA will be ready to accept 2017 filings in the very near future.  (1/5/2017)

RFI on multiemployer plan two-pool alternative withdrawal liability arrangements: The Pension Benefit Guaranty Corporation is publishing a request for information (RFI) in the Federal Register seeking input on proposed "two-pool" alternative withdrawal liability arrangements. These arrangements involve an alternative method for measuring the withdrawal liability amount and the annual payment amount that an employer would owe the plan. PBGC wants input from the general public and all interested stakeholders, including multiemployer plan participants and beneficiaries, plan sponsors, and employers on these types of actions. To read the full request for information and provide input please visit Requests for Approving Certain Alternative Methods for Computing Withdrawal Liability; Settlement of Withdrawal and Mass Withdrawal Liability. (1/04/2017)

2016 Archive

Early Warning Program Information Updated: In an effort to increase transparency about PBGC's single-employer Early Warning Program, PBGC recently enhanced and reorganized the information available on its website. Under this program, PBGC works with certain employers to preserve their pension plans and protect the retirement security of their workers and retirees. The updated information can be found on PBGC's Risk Mitigation & Early Warning Program webpage.  We're also inviting dialogue on the program and encouraging practitioners to send technical questions to webmaster@pbgc.gov, with the goal of posting a new set of Early Warning Program FAQs in early 2017. (12/21/2016)

Benefit Restrictions - Present Value of PBGC Maximum Guarantee: On December 2, 2016, PBGC posted a table showing the applicable present values for 2017 plan years. For more information see Technical Update 07-04. (12/02/2016)

Expected Retirement Age Annual Update: On November 21, 2016, PBGC published a final rule amending its valuation regulation by substituting a new table for selecting a retirement rate category. The new table applies to any plan being terminated either in a distress termination or involuntarily by the PBGC with a valuation date falling in 2017. (11/21/2016)

Premium Penalty Relief Final Rule (follow up): On September 23, 2016, PBGC published a final rule amending its Premium Payments regulation (29 CFR part 4007) with respect to late premium payment penalties for plan years beginning in 2016 or later (see 9/22/2016 What's New Item). and the Late Payment Charges webpage have been modified to reflect the changes. (11/15/2016)

Guarantee Limit: On October 28, 2016, PBGC announced that, as a result of the indexing rules provided in ERISA, the guarantee limits for single‑employer plans that fail in 2017 will be 7.1% higher than the limits that applied for 2015 and 2016.  A table showing the single-employer plan guarantee limits for various ages and payment forms is available on the PBGC's website.  The guarantee limits for multiemployer plans are not indexed and therefore have not changed. (10/28/2016)

2017 Premium Rates: The "Premium Rates" webpage has been updated to show premium rates for 2017. (10/19/2016)

Disaster Relief in Response to Hurricane Matthew in North Carolina: On October 12, 2016, PBGC announced disaster relief relating to PBGC deadlines in response to Hurricane Matthew in North Carolina.  PBGC is waiving certain penalties and extending certain deadlines in response to Hurricane Matthew for affected counties in North Carolina.  For more information see Disaster Relief Announcement 16-12. (10/12/2016)

Premium Penalty Relief Final Rule: On September 23, 2016, PBGC will publish a final rule amending its Premium Payments regulation (29 CFR part 4007) with respect to late premium payment penalties for plan years beginning in 2016 or later.  Under the new rule, late payment penalties are reduced by 50%.  In addition, for plans with good compliance histories that pay promptly after a PBGC underpayment notification, penalties are reduced even more (an 80% reduction, on top of the 50% reduction noted above).

The rule applies to both single-employer and multiemployer plans. (09/22/2016)

Missing Participants Program Proposed Rule: On September 20, 2016, PBGC will publish a proposal to expand and update its existing Missing Participants Program.  Under the proposal, plan sponsors that terminate 401(k) and other plans could turn to PBGC for help in distributing plan benefits to missing participants. 

The proposal also makes improvements to PBGC's existing Missing Participants Program for PBGC‑insured single-employer plans. The expanded program would also cover certain terminated multiemployer and non-insured defined benefit plans. For more information visit our Overview of Proposed Expanded Missing Participants Program.

The proposed rule is available for public inspection, along with the

draft proposed forms and instructions. Comments on the proposed rule are due November 21, 2016. (09/19/2016)

PBGC Releases Data Book: The Pension Benefit Guaranty Corporation today released its annual update on pension data. The Data Book covers information recently reported by pension plans and the PBGC and compares it to values for prior years.  Generally, the update covers pension plan data for the year beginning in 2014 with some later data as well.

The Data Book tables provide researchers, journalists and others interested in the federal pension insurance program easily accessible, detailed statistics for the single-employer and multiemployer plans that PBGC insures.

 This update presents information on a range of topics including:

• Number of people and plans that PBGC protects

• Number of people receiving or eligible to receive benefits from PBGC

• Benefits paid to participants and beneficiaries

• Claims against PBGC

• Funding status of PBGC-protected plans

• Analysis of populations that PBGC protects by industry, state, and other statistics

A new multiemployer table added this year includes time series data on participants in plans by zone status as defined under the Pension Protection Act of 2006 through 2013.  Additional data on zone status for prior years was issued as a multiemployer graphical supplement in April.

Zone status refers to multiemployer plan statuses as defined under the Pension Protection Act, which describe the financial condition of multiemployer plans, which range from critical status (i.e. red zone), through seriously endangered (orange zone), endangered (yellow zone) and other (green zone). (05/27/2016)

Civil Monetary Penalties Interim Final Rule: On May 13, 2016, PBGC published an interim final rule amending two information penalty regulations (29 CFR parts 4071 and 4302) to implement changes required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. These regulations specify the maximum daily amount of penalties that may be assessed when plans fail to provide PBGC with certain required information (e.g., reportable event filings, 4010 filings, certain multiemployer plan notices). The new law requires all government agencies to increase such rates to account for inflation. For more information about this law, see Office of Management and Budget Memorandum M-16-06.    

It is fairly uncommon for PBGC to assess information penalties.  The agency's goal is to encourage compliance, not to penalize plans that inadvertently forget to file information.  And, when information penalties are assessed, PBGC takes many factors into account when determining the amount of penalty to assess (e.g., plan size, whether the failure to report was "willful", whether the information was time-sensitive, the length of delay). In most cases, when PBGC assess an information penalty, it is for an amount significantly less than the maximum permitted by regulation. (05/13/2016)

My PAA Improvements: Some improvements were made to My Plan Administration Account (My PAA) in response to premium filer suggestions.  For example, you may now move plans in your account so that the more frequently-used plans show first, and all e-filing team members may retrieve a plan's in-process filing if the person holding the filing is not available to route the filing.  See What's New in My PAA and the updated Demos for additional information.  (05/03/2016)

Premium Penalty Relief Proposed Rule: On April 28, 2016, PBGC will publish a proposal to amend its Premium Payments regulation (29 CFR part 4007).  Under the proposal, late payment penalties would be reduced by 50%.  In addition, for plans with good compliance histories that pay promptly after a PBGC underpayment notification, penalties would be reduced even more (an 80% reduction, on top of the 50% reduction noted above).

The proposal applies to both single-employer and multiemployer plans. The proposed rule is available for public inspection. Comments on the proposed rule are due June 27, 2016. (04/27/2016)

Request for Approval of Alternative Arbitration Procedure: On March 23, 2016, PBGC published a notice of Pendency of Request for Approval of Alternative Arbitration Procedure; American Arbitration Association.  American Arbitration Association (AAA) has requested approval of its 2013 Fee Schedule in connection with its Multiemployer Pension Plan Arbitration Rules for Withdrawal Liability Disputes. Comments on AAA’s application must be received on or before May 23, 2016. (03/24/2016)

4010 Final Rule: On March 23, 2016, PBGC will publish a final rule amending its regulation on Annual Financial and Actuarial Information Reporting (29 CFR part 4010).  The amendments modify how underfunding is determined for purposes of the existing reporting waiver for companies with total aggregate underfunding of $15 million or less.  In addition, the amendments create three new reporting waivers (including one for companies whose plans cover fewer than 500 participants) and provide simpler, alternative methods of compliance with respect to some of the more burdensome calculations. The amendments also codify informal guidance provided earlier regarding the impact of recent legislation (MAP-21 and HATFA) on 4010 reporting and make other minor technical changes.  

The first filings under the new regulation will be due April 17, 2017.  The e‑4010 module of the e-filing portal will be updated to reflect these changes later this year. The final rule is now available for public inspection. (03/22/2016)

Reportable Events Forms and Instructions: Revised forms and instructions for reporting under the recently revised 4043 regulation (i.e., Forms 10, 10A, and 200) have been approved by OMB and are now available on the Reportable Events & Large Unpaid Contributions page of PBGC's website.  See Q&A #4 of the Reportable Event FAQs for details about when to use the new forms. Reporting required under the new regulation must be done electronically, either using these forms or PBGC's new e-filing portal.  We will be posting additional information about the new e-filing portal in near future. (01/07/2016) Click here to access a user manual with step-by-step instructions on how to create and manage your e-Filing Portal account. (01/07/2016)

2016 Premium Filings:  My PAA is now ready to accept electronic premium filings for plan years beginning in 2016.  For additional information, see the following pages:  Premium Payment Instructions & Addresses, What's New in My PAA, Online Demos, Online Premium Filing with My PAA (for FAQs, My PAA User's Manual, etc.). (01/05/2016)

2015 Archive

Partitions final rule:  On December 23, PBGC will publish a final rule that makes minor changes to the June 19, 2015 interim final rule implementing the application process and notice requirements for partitions of eligible multiemployer plans under ERISA, as amended by the Multiemployer Pension Reform Act of 2014. (12/22/2015)

2016 Premium Filing Instructions: We expect My PAA will be ready to accept 2016 filings in January and will post a notice on What's New for Practitioners at that time. (12/15/2015)

Launch of new e-filing portal for PBGC: On December 9, 2015, PBGC upgraded its e-4010 application and re-named it the PBGC e-filing portal.  In addition to preparing and submitting 4010 filings via the e-filing portal, practitioners will have the option of filing information required under PBGC's new ERISA 4043 regulation via the portal.  The new e-filing portal also has a multiemployer plan module from which various applications and notices and may (or in some cases, must) be submitted to PBGC (e.g., applications for financial assistance, annual funding notices, critical and endangered notices). The new e-filing portal has no impact on My PAA. 

Practitioners who don't already have an e-4010 account will need to set up an account to be able to use the PBGC e‑filing portal.  Current e-4010 account holders have been informed of the minimal ways in which this change affects them via email. The information included in that email is also available on PBGC's 4010 webpage. We will be posting additional information about the new e-filing portal in the future. (12/11/2015) Click here to access a user manual with step-by-step instructions on how to create and manage your e-Filing Portal account.

Expected Retirement Age Annual Update: On December 1, 2015, PBGC published a final rule amending its valuation regulation by substituting a new table for selecting a retirement rate category. The new table applies to any plan being terminated either in a distress termination or involuntarily by the PBGC with a valuation date falling in 2016. (12/03/2015)

Maximum Guarantee: On October 28^th, 2015, PBGC announced that the annual maximum guaranteed benefit for a 65-year-old retiree in a single-employer plan is remaining at  $60,136 for 2016.  A table showing amounts for other ages is available on the PBGC's website. 2000 (10/28/2015)

Benefit Restrictions - Present Value of PBGC Maximum Guarantee: On October 28, 2015, PBGC posted a table  showing the applicable present values for 2016 plan years. For more information see Technical Update 07-04. (10/28/2015)

2016 Premium Rates: The "Premium Rates" webpage has been updated to show premium rates for 2016.  (10/26/2015)

Multiemployer plan mandatory e-filing final rule. On September 17, 2015, PBGC published a final rule that amends PBGC's multiemployer regulations to require electronic filing of certain multiemployer notices, starting 2016. The final rule affects only notices to PBGC and does not involve the Multiemployer Pension Reform Act of 2014. The regulatory changes will make the provision of information to PBGC more efficient and effective and result in a slight decrease in burden on filers. (09/17/2015)

Premium Reminders:  Please note the following reminders to help ensure your premium filings are timely and accurate:

• For plan years starting in 2015, Small Plans are subject to the same Normal Due Date rules as all other plans.  For example, a small plan with a plan year commencing (PYC) date of January 1, 2015 now as a due date of October 15, 2015.   Further details are in the "When to File" section of the 2015 premium instructions.

• If you have any questions or need assistance (e.g., if your My PAA account is locked or to deactivate your My PAA account because it is no longer needed), please contact PBGC's premium representatives at premiums@pbgc.gov or 1-800-736-2444 and select the "premium" option. (09/16/2015)

• To help us continue to improve My PAA to meet your needs, please be sure to give us your feedback via the online surveys.

• For small plans that had the opportunity to opt out of the Lookback Rule in the past but chose not to, PBGC permission is required to opt out.  Conversely, if a plan opted out of the Lookback Rule for 2014, and now wants to use the Lookback Rule, PBGC permission is required.  The request must be emailed to premiums@pbgc.gov at least 60 days before the due date.  Further details are in the "How to Determine Unfunded Vested Benefits" section of the 2015 premium instructions.

• Be sure to use only the current Premium Payment Addresses for checks and electronic payments made outside of My PAA.  Note that as of October 1, 2015, any payments or mail sent to the previous JPMorgan addresses will be returned to the sender and could result in late payment penalties. 

• Please take an inventory of the plans you are responsible for and take appropriate actions to ensure filings are made timely and accurately (e.g., review each plan's online Account History).  We expect high filing activity leading up to October 15, 2015 (many plans have an October due date), so please file as soon as practicable. 

• For plan years starting in 2014, the transition due dates for Small Plans still apply.  For example, a small plan with a plan year commencing (PYC) date of December, 2, 2014 has a normal due date of Feb 16, 2016.  Further details are in the "When to File" section of the 2014 premium instructions.

Reportable Events final rule: On September 11, 2015, PBGC will publish a final rule amending its regulation on Reportable Events and Certain Other Notification Requirements (29 CFR part 4043). The amendments provide the majority of sponsors and plans with increased flexibility to determine whether a waiver from reporting will apply. Under the new rules, reporting will be limited to situations that pose the greatest risk to the pension insurance system. The final rule was developed in response to comments on the proposed rule and Executive Order 13563 on Improving Regulation and Regulatory Review.  The final rule is available now for public inspection. For more information, read our Reportable Events FAQs. (09/10/2015)

Reportable Events: OMB has approved revisions to the information collection requirements for reportable events and Form 200 (large unpaid contributions) under the current regulation, 29 CFR part 4043. The revised forms and instructions can be found on the Reportable Events & Large Unpaid Contributions page of PBGC's website. For reports due on or after September 1, 2015, reportable events filers that use the optional forms (Form 10 or Form 10-A) and Form 200 filers must use the new forms. For reports due before September 1, 2015, either the new or old forms may be used. (07/30/2015)

4010 Proposed Rule: On July 27, 2015, PBGC will publish a proposal to amend its regulation on Annual Financial and Actuarial Information Reporting (29 CFR part 4010). The proposal would codify the guidance provided in Technical Updates 12-2 and 14-2 regarding the impact of recent legislation (MAP-21 and HATFA) on 4010 reporting. In addition, the proposal would modify the existing reporting waiver for companies with total underfunding of less than $15 million in all their plans. This change would better align the regulation with the original intent of generally limiting 4010 reporting relief to smaller plans.

The proposal would also add two new reporting waivers and make other minor technical changes. The proposed rule is available now for public inspection. Comments on the proposed rule are due September 25, 2015. (07/24/2015)

Interim final rule on multiemployer plan partitions:   On June 19, 2015, PBGC published an interim final rule on Partitions of Eligible Multiemployer Plans.  Comments on the rule and related information collection are due August 18, 2015.   For more information, see Multiemployer Pension Reform Act of 2014. (06/19/2015)

PBGC Releases Data Tables: The Pension Benefit Guaranty Corporation today released its annual update on pension data. The data tables cover information recently reported by pension plans and the PBGC and compares them to values for prior years. Generally the updates cover pension plans data for the year beginning in 2013 with some later data as well.

The data tables provide researchers, journalists and others interested in the federal pension insurance program easily accessible, detailed statistics for the single-employer and multiemployer plans that PBGC insures. The tables include the numbers of people and plans that PBGC protects, the number of people receiving or eligible to receive benefits from PBGC and the benefits paid to them, claims against PBGC, the funded status of PBGC-protected plans, breakdowns of populations that PBGC protects by industry and state, and other vital statistics. (06/02/2015)

Proposed rule on Multiemployer Plans - Electronic Filing Requirements: PBGC has received inquiries whether its proposed rule on mandatory e-filing for certain multiemployer notices would affect notices to participants.  The proposed rule only affects notices to PBGC.  As stated in the preamble, the proposed rule would require the following notices to be filed electronically with PBGC:  notices of termination under part 4041A, notices of insolvency and of insolvency benefit level under parts 4245 and 4281, and applications for financial assistance under part 4281 (see page 18172, middle column).  Further, the proposed rule does not involve the Multiemployer Pension Reform Act of 2014 (MPRA).  Comments on the proposed rule are due June 2, 2015.  (05/20/2015)

Updates to My PAA & EFT Instructions: The My Plan Administration Account (My PAA) premium filing screens have been updated to reflect a more modern look & feel. There is a new Menu Bar on the top of every screen to help you navigate more easily between pages, and you will also see a new Launch Page (overlaid on your Home Page) when you log in to help you more easily start a task. In addition, the instructions for paying via Electronic Funds Transfer outside of My PAA (ACH or Fedwire) have changed. Please see the New Demos that reflect the updated screens and What’s New in My PAA for details. (05/04/2015)

Multiemployer plan mandatory e-filing proposed rule:  On April 3, 2015, PBGC published a proposed rule that would amend PBGC's multiemployer regulations to require electronic filing of certain multiemployer notices, starting 2016.  Comments are due by June 2, 2015.  (04/03/2015)

Reportable Events and Notice of Failure to Make Required Contributions forms and instructions:  On March 30, 2015, PBGC submitted to OMB for review under the Paperwork Reduction Act revised forms and instructions for Reportable Events and Notice of Failure to Make Required Contributions (Form 200).  The complete submissions are posted on Information Collection Requests Under OMB Review.  Information on how to comment is included in the related Federal Register notice.  Comments are due to OMB by April 29, 2015.  (04/01/2015)

2015 premium filings: OMB has approved the 2015 premium filing instructions.  My PAA has been updated and is now ready to accept electronic premium fillings for plan years beginning in 2015.  For information about how to e-file via My PAA (e.g., Demos and FAQs), see Online Premium Filing with My PAA.  (03/9/2015)

RFI on multiemployer plan mergers and partitions: PBGC published a Request for Information, "Multiemployer Pension Reform Act of 2014; Partitions of Eligible Multiemployer Plans and Facilitated Mergers," in the Federal Register. The request seeks input from the public and multiemployer plan stakeholders on the process for implementation of these tools under the new law. In addition, the Department of the Treasury, in consultation with the Department of Labor (DOL) and PBGC, has also issued a Request for Information to help inform how the guidelines and procedures required by Congress for preparing and submitting applications are developed. Comments can be submitted online here. (2/25/15)

Standard and distress terminations and missing participants forms and instructions: OMB has approved revisions to the standard and distress termination forms and instructions. The new forms and instructions can be found on the Plan Terminations page of PBGC's website. Under the revisions, a plan administrator of a plan terminating in a standard termination (or a distress termination that closes out in the private sector) must submit with the post-distribution certification the most recent plan document and proof of benefit distributions for lump sums paid and annuities purchased. Plan administrators must provide this information with any post-distribution certification filed on or after March 1, 2015. Filers may contact standard@pbgc.gov or distress@pbgc.gov for more information. (1/29/15)

Section 4062(e) Developments: PBGC has announced the end of the six-month moratorium on the enforcement of ERISA Section 4062(e). Major revisions to the law were enacted late last year as part of the Consolidated and Further Continuing Appropriations Act, 2015. PBGC described some of those changes in "Important Changes to ERISA Section 4062(e)." (01/22/15)

Premium Rates for Multiemployer Plans:  The Multiemployer Pension Reform Act of 2014 increased the 2015 flat-rate premium for multiemployer plans (from $13 to $26 per participant).  The "Premium Rates" webpage has been updated to reflect this increase. (01/14/15)

2015 premiums.  On January 12, 2015, PBGC submitted to OMB for review under the Paperwork Reduction Act draft forms and instructions for 2015 premium filings.  Included in the OMB submission is a supporting statement addressing, among other things, public comments received on new questions related to certain lump sum windows and annuity purchases.  Comments are due to OMB by February 11, 2015.  Information on how to comment is included in the related Federal Register notice. (01/13/15)

2014 Archive

Rollovers final rule. On November 25, 2014, PBGC published a final rule that amends PBGC's valuation and benefit payments regulations to clarify the treatment of benefits resulting from a rollover distribution from a defined contribution plan to a defined benefit plan, where the defined benefit plan is terminated and trusteed by PBGC. Under the final rule, a benefit resulting from rollover amounts generally will be in the second highest priority of the asset allocation among various classes of benefits and generally will not be subject to PBGC's maximum guarantee or phase-in limitations. (11/25/14)

Benefit Restrictions - Present Value of PBGC Maximum Guarantee: On October 28, 2014, PBGC posted a table showing the applicable present values for 2015 plan years. For more information see Technical Update 07-04. (10/30/14)

Maximum Guarantee: On October 27^th, 2014, PBGC announced that the annual maximum guaranteed benefit for a 65-year-old retiree in a single-employer plan increases to $60,136 for 2015, up from $59,318 for 2014.  A table showing amounts for other ages is available on the PBGC's website. (10/28/14)

2015 Premium Rates: The "Premium Rates" webpage has been updated to show premium rates for 2015. (10/24/2014)

Technical Update on effect of HATFA on 4010 filing. On October 17, 2014, PBGC issued Technical Update 14-2, which provides guidance on the effect of the Highway and Transportation Funding Act of 2014 (HATFA) on annual financial and actuarial information reporting under section 4010 of ERISA and part 4010 of PBGC's regulations. (10/17/14)

Premium Payments to PBGC: To help ensure that premium payments are quickly and accurately posted to plan accounts, we have the following requests: (10/08/14)

• If you prefer to pay at the same time that you submit your e-filing via My PAA, you can securely enter your payment information (e.g., your account number and bank routing code) when you are offered the payment screen. This will enable PBGC to pull the payment from your designated account.
• If you prefer to pay separately from your filing, you can securely submit your payment electronically via www.Pay.gov without incurring any additional cost. When you go to the Pay.gov website, you should proceed to the PBGC Premium Insurance Payments form to enter your payment information (e.g., the plan's Employer Identification and Plan Number (EIN/PN), your account number and bank routing code). This will enable the U.S. Treasury Department to pull the payment from your designated account.
• If you prefer to pay by other methods (e.g., check), be sure to enter the plan's EIN/PN and Plan Year Commencement Date (PYC) on the payment. If this is not present on the payment, we will be unable to determine who made the payment and will send a bill for unpaid premium.
• If you have any questions, please contact our premium representatives at premiums@pbgc.gov or 1-800-736-2444 and select the "premium" option. 

Technical Update on effect of HATFA on premium filings. On September 24, 2014, PBGC issued Technical Update 14-1, which provides guidance on the effect of the Highway and Transportation Funding Act of 2014 (HATFA) on PBGC premiums. (09/24/14)

PBGC.gov has new navigation features. As pension plan practitioners, you're important customers to PBGC, and we want to ensure you have the best experience while using PBGC.gov. We'd like to highlight some recent improvements to our site that we hope will help you find what you're looking for.

• First, we now have drop-down menus on the top navigation bars on every page on PBGC.gov, which are becoming an industry best practice on sites like WhiteHouse.gov and others. On the PBGC.gov home page, you'll see arrows next to Workers & Retirees, Practitioners, and About PBGC. Hover over those arrows to find additional links to the most popular pages for those areas.
• Second, we developed a fully automated A-Z index and are promoting it on every page on our site. The index includes all of our web pages, including the individual "home pages" for each of our trusteed plans. Users who know the name of their plan can now either search or use our A-Z index to get where they need to be.
• Third, we removed the "Resources" section of our website, and distributed the information into the more relevant Practitioners and About PBGC categories.

Our blog continues to be one of the best ways to stay up to date with PBGC and our work to ensure retirement security. To be notified when we post new entries, you can subscribe to the blog, Retirement Matters. We welcome your feedback on these changes. Please direct your comments to webmaster@pbgc.gov. Due to the volume of emails, we regret that we may not be able to respond to each individually. (08/04/14)

Multiemployer Plans; Valuation and Notice Requirements Final Rule. On May 28, 2014, PBGC published a final rule amending PBGC's multiemployer regulations. The changes were developed as a result of PBGC's regulatory review. The amendments reduce the number of actuarial valuations required for certain small terminated but not insolvent plans, shorten the advance notice filing requirements for mergers in situations that do not involve a compliance determination, and remove certain insolvency notice and update requirements. (05/28/14)

Shutdown benefits final rule. On May 6, 2014, PBGC published a final rule amending its benefit payment regulation to implement the Pension Protection Act of 2006 provision that the phase-in period for PBGC's guarantee of benefits contingent upon the occurrence of an "unpredictable contingent event," such as a plant shutdown, starts no earlier than the date of the event. Under the statute, the change applies to benefits that become payable as a result of an event that occurs after July 26, 2005. The regulation includes examples that show how the phase-in rules apply to PBGC benefits in various situations. (05/06/14)

Standard and distress terminations and missing participants forms and instructions. OMB has approved revisions to the standard termination, distress termination, and missing participants forms and instructions. The new forms and instructions can be found on the Plan Terminations page of PBGC's website. The new forms must be used for terminations for which the first Notice of Intent to Terminate is issued on or after June 1, 2014. If the first Notice of Intent to Terminate is issued before June 1, 2014, either the new or old forms may be used. (04/24/14)

My PAA ready for 2014 Premium Filings. My PAA has been updated to reflect recent changes to the premium regulation (first effective for 2014 plan years) as described in the 2014 premium filing instructions. Comprehensive filings for plan years beginning in 2014 may now be electronically submitted via My PAA. Information about how to e-file via My PAA (e.g., Demos and FAQs) is on the Online Premium Filing with My PAA page of our website. A reminder that the new rules have no impact on premium filings for plan years beginning in 2013 (e.g., small calendar plans whose 2013 premium filing is due April 30th, 2014). (04/17/2014)

2014 premium filings. OMB has approved the 2014 premium filing instructions consistent with PBGC's recent final rule making its premium regulations more effective and less burdensome. The web pages showing premium due dates and interest rates used to determine the variable-rate premium have been updated to reflect the new regulations. My PAA is being modified to reflect the changes and will be ready to accept 2014 filings shortly. PBGC will post a "What's New" item when My PAA is ready for 2014 filings. (04/15/2014)

Rollovers proposed rule. On April 2, 2014, PBGC published a proposed rule that would amend PBGC's valuation and benefit payments regulations to clarify the treatment of benefits resulting from a rollover distribution from a defined contribution plan to a defined benefit plan, where the defined benefit plan is terminated and trusteed by PBGC. Under the proposed rule, a benefit resulting from rollover amounts generally would be in the second highest priority of the asset allocation among various classes of benefits and would not be subject to PBGC's maximum guarantee or phase-in limitations. Comments on the proposed rule are due June 2, 2014. (04/02/2014)

Premium final rule. On March 11, 2014, PBGC published a final rule addressing the rest of its July 2013 proposal to make its premium rules more effective and less burdensome, starting 2014. (PBGC addressed one part of the proposal in January 2014 by eliminating the early due date for large plans' flat-rate premiums.) This final rule changes the due date for small plans, generally requires small plans to base the variable-rate premium on prior year data, coordinates the due date for terminating plans with the termination process, and expands premium penalty relief. PBGC has submitted the 2014 premium payment instructions (including illustrative forms) to OMB. PBGC will make My PAA available for 2014 filings after OMB approves the instructions. PBGC expects My PAA will be available for 2014 filings well before the first filing deadline for 2014 (October 15, 2014). Until then, PBGC is not accepting 2014 filings. (03/11/2014)

Multiemployer Plans; Notice and Valuation Requirements Proposed Rule. On January 29, 2014, PBGC published a proposed rule that would implement changes to PBGC's multiemployer regulations. The changes were developed as a result of PBGC's regulatory review. The proposal would reduce the number of actuarial valuations required for certain small terminated but not insolvent plans, shorten the advance notice filing requirements for mergers in situations that do not involve a compliance determination, and remove certain insolvency notice and update requirements. Comments on the proposed rule are due March 31, 2014. (01/29/2014)

Premium final rule. On January 3, 2014, PBGC published a final rule moving the flat-rate premium due date for large single employer and multiemployer plans (500 or more participants) to the variable-rate premium due date for single-employer plans, starting with the 2014 plan year. Thus, large calendar-year plans' 2014 flat-rate premiums will be due October 15, 2014, instead of February 28, 2014. This rule finalizes part of a proposed rule that would simplify premium due dates, coordinate the premium due date for terminating plans with the termination process, make conforming and clarifying changes to the variable-rate premium rules, give small plans more time to value benefits, provide for relief from penalties, and make other changes. PBGC expects to publish a final rule addressing the rest of the proposed rule, post the 2014 premium payment instructions (including illustrative forms), and make My PAA available for 2014 filings well before the first filing deadline of October 15, 2014. Until then, PBGC is not accepting 2014 filings. (01/03/2014)

2013 Archive

Benefit Restrictions – Present Value of PBGC Maximum Guarantee: On November 6, 2013, PBGC posted a table showing the applicable present values for 2014 plan years. For more information see Technical Update 07-04. (11/06/2013)

2014 Premium Rates: The "Premium Rates" webpage has been updated to show premium rates for 2014. (11/06/2013)

Maximum Guarantee: On November 6, 2013, PBGC updated the Maximum Guarantee Limit Table for 2014. The maximum guaranteeable age 65 single life annuity benefit for 2014 is $4,943.18 per month (as compared with $4,789.77 for 2013). (11/06/13)

Premium proposed rule draft forms and instructions. On July 23, 2013, PBGC submitted to OMB for review under the Paperwork Reduction Act the draft forms and instructions that would implement the new premium proposal. See the proposal for information on how to comment on the draft forms and instructions. (07/24/13)

Premium proposed rule. On July 23, 2013, PBGC published a new premium proposal that would make its premium rules more effective and less burdensome. Comments on the proposed rule are due September 23, 2013. (07/23/13)

PBGC Seeks Information on Missing Participants in Individual Account Plans. On June 21, 2013, PBGC published a request for information seeking the public's help in making decisions about starting a new program to deal with benefits of missing participants in terminating individual account plans. PBGC wants feedback from the pension community on the demand for such a program or a database of missing participants, the availability of private-sector missing participant services, potential program costs and fees, electronic filing, and other issues. Comments are due by August 20th, 2013. (07/01/13)

Oklahoma Disaster Relief. PBGC is waiving certain penalties and extending certain deadlines in response to the severe storms and tornadoes that began on May 18, 2013, in Oklahoma. (05/28/13)

Single-Employer DB Plan Freezes. At the 2013 Enrolled Actuaries Meeting held last month in Washington, DC, PBGC staff shared some interesting data relating the frequency and incidence of plan freezes based on information reported in premium filings. A copy of the slides shown at that meeting, titled "Single-Employer DB Plan Freezes" (PDF) is now available on the Other Reports section of our website. (5/07/13)

Withdrawn Opinion Letters. On April 19, 2013, PBGC withdrew opinion letters 77-172 and 85-19. For reference, the withdrawn opinion letters will be maintained on the Withdrawn Opinion Letters Archive. (04/19/13)

Reportable events proposed rule draft forms and instructions. On April 4, 2013, PBGC submitted its draft forms and instructions that would implement the new reportable events proposal to OMB for review under the Paperwork Reduction Act. See the proposal for information on how to comment on the draft forms and instructions. (04/05/13)

Reportable Events proposed rule. On April 3, 2013, PBGC published a new reportable events proposal. Comments on the proposed rule are due June 3, 2013. A hearing on the rule is scheduled for June 18. (04/03/13)

Missing Participant Program Address Changes: The lockbox addresses for sending payment of designated benefits and/or other amounts due missing participants with a completed payment voucher have changed. You can find the new addresses for U.S. Postal Service and other mail delivery services, as well as for wire transfers, on page 5 of our Missing Participants Filing Instructions. The address for sending the Schedule MP (including any required attachments) along with the post-distribution certification has not changed. (03/18/13)

Update to e-4010 Instructions: On March 8, 2013, the e-4010 instructions were updated to reflect PBGC's guidance on the effect of MAP-21 on 4010 reporting. In addition, a few other minor modifications were made to the application. For more information on these changes or to request a red-lined version of the instructions, please email 4010.Erisa@pbgc.gov. (03/11/2013)

PBGC Information Collection Requests Under OMB Review: We have added a feature to Laws and Regulations that makes it easier for you to see which PBGC information collection requests are under OMB review. We have one information collection request under review at OMB right now — proposed nonmaterial changes to the 4010 filing requirements, primarily to reflect the Moving Ahead for Progress in the 21st Century Act (MAP-21). We will update this new feature whenever OMB receives a PBGC information collection request for review. (02/22/2013)

Reportable Events; Guidance for Plan Years after 2012: On January 30, 2013, PBGC issued Technical Update 13-1, which extends for 2013 and later plan years the reportable events guidance provided in Technical Update 11-1. (01/30/13)

2013 Premium Filings: Both estimated flat-rate filings and comprehensive filings for plan years beginning in 2013 may be electronically submitted via My Plan Administration Account (My PAA). Information about how to e-file via My PAA (e.g., Demos and FAQs) is on the Online Premium Filing with My PAA page of our website. The 2013 premium payment instructions (including illustrative forms) are posted to the Premium Payment Instructions and Addresses page of our website. "What's New" for premium filings for plan years beginning in 2013 is described on page 2 of the instructions, e.g., the per-participant flat-rate premium is $42.00 for single-employer plans and $12.00 for multiemployer plans. (01/02/13)

2012 Archive

Expected Retirement Age Update: On November 30, 2012, PBGC published a final rule amending its valuation regulation by substituting a new table for selecting a retirement rate category. The new table applies to any plan being terminated either in a distress termination or involuntarily by the PBGC with valuation date falling in 2013. (11/30/2012)

2013 Maximum Guarantee: On November 27, 2012, PBGC updated the Maximum Monthly Guarantee Tables for 2013. The maximum guaranteeable monthly benefit for 2013 is $4,789.77 (as compared with $4,653.41 for 2012). (11/27/12)

Benefit Restrictions - Present Value of PBGC Maximum Guarantee: On November 21, 2012, PBGC posted a table showing the applicable present values for 2013 plan years. For more information see Technical Update 07-04.

2013 Premium Rates: The "Premium Rates" webpage has been updated to reflect changes resulting from the Moving Ahead for Progress in the 21st Century Act (MAP-21) and to show rates for 2013. (11/02/12)

Notice About Premium Filings: As a service to plan administrators who prepare and submit premium filings, PBGC recently mailed a notice about the upcoming 2013 premium instructions. The notice also includes helpful premium filing reminders. (09/27/12)

Technical Update on 4010 filings under MAP-21: On September 11, 2012, PBGC issued Technical Update 12-2, which provides guidance on the effect of the Moving Ahead for Progress in the 21st Century Act (MAP-21) on annual financial and actuarial information reporting under ERISA section 4010. (09/11/2012)

Technical Update on PBGC premiums under MAP-21: On August 28, 2012, PBGC issued Technical Update 12-1 to provide guidance on how the determination of premiums is affected by the amendments to ERISA section 4006 made by the Moving Ahead for Progress in the 21st Century Act (MAP-21). PBGC expects to issue guidance about MAP-21’s effect on 4010 filings in the near future. (08/28/2012)

My PAA Passwords: Federal information security regulations require us to strengthen the password requirements for My PAA (My Plan Administration Account), which is used by practitioners to electronically file premiums to the PBGC. Stronger passwords will help better protect your personal and business information. The next time you login after the change takes effect (expected no later than August 1, 2012), you will be required to change your password to satisfy the new criteria, e.g., the password must be between 10 and 24 characters and contain at least 1 uppercase character, 1 lowercase character, 1 number and 1 special character. Please note that active account holders will receive an email about the change; and you do not need to rush to change your password. You may continue to access My PAA according to your normal schedule; and My PAA will prompt you to change your password at the appropriate time. If you have any questions, send an email to premiums@pbgc.gov or call the practitioner toll-free number 1-800-736-2444 and select the “premium” option. (06/18/2012)

Administrative Review of Information Penalties: On April 16, 2012, PBGC published a final procedural rule that amends PBGC's administrative review regulation to make assessments of information penalties subject to reconsideration. This rule is associated with retrospective review and analysis in PBGC's Plan for Regulatory Review issued in accordance with Executive Order 13563. The change will promote uniformity and transparency in PBGC's procedures for making and reviewing determinations. (04/16/12)

ERISA Section 4044 Corrections: On March 9, 2012, PBGC published two Federal Register documents that slightly revise its interest assumptions under ERISA section 4044, applicable to valuation dates during the second half of 2011. These minor changes will have little impact on calculations. Relevant postings on the Practitioners page of PBGC.gov have been updated. For ERISA Section 4010 purposes, if you have already calculated benefit liabilities using the originally published interest factors, you do not need to redo those calculations. For questions about 4010 filing requirements, contact the Corporate Finance & Restructuring Department (formerly DISC) at 202-229-4070 or ERISA.4010@pbgc.gov. (03/09/12)

New on PBGC.gov: The website’s Practitioners section now features historical and current information on ERISA Section 4044 Retirement Assumptions. We’ve also reformatted Interest Rates & Mortality Factors into two new pages: Interest Rates and Factors; and Mortality, Retirement and PV Max Guarantee. (03/05/12)

2012 Premium Filings: Both estimated flat-rate filings and comprehensive filings for plan years beginning in 2012 may be electronically submitted via My Plan Administration Account (My PAA). Information about how to e-file via My PAA (e.g., FAQs and Demos) is on the Online premium filing (My PAA) page of our website. The 2012 premium payment instructions (including illustrative forms) are posted to the Premium Instructions and Addresses page of our website. The per-participant flat-rate premium for plan years beginning in 2012 is $35.00 for single-employer plans and $9.00 for multiemployer plans (both unchanged from plan year 2011). (01/09/12)

2011 Archive

Premium Filing Amendments: On December 22, 2011, PBGC published a policy statement that applies to certain amended premium filings. (12/22/11)

Reportable Events; Guidance for 2012 Plan Years: On December 7, 2011, PBGC issued Technical Update 11-1, which extends for 2012 plan years the reportable events guidance provided in Technical Update 10-4. (12/07/11)

Expected Retirement Age Update: On December 1, 2011, PBGC published a final rule amending its valuation regulation by substituting a new table for selecting a retirement rate category. The new table applies to any plan being terminated either in a distress termination or involuntarily by the PBGC with valuation date falling in 2012. (12/1/11)

2012 Maximum Guarantee: On November 23, 2011, PBGC updated the Maximum Monthly Guarantee Tables for 2012. The maximum guaranteeable monthly benefit for 2012 is $4,653.41 (as compared with $4,500 for 2011). (11/23/11)

Benefit Restrictions – Correction to 2012 Present Value of PBGC Maximum Guarantee Table: On November 8, 2011, PBGC posted the 2012 table of present values of the PBGC maximum guarantee for use by single-employer plans subject to the partial lump sum benefit restriction under IRC section 436(d)(3)(A)(ii) of the Internal Revenue Code and ERISA section 206(g)(3)(C)(i)(II) . That table contained a typo for the age 53 amount. The correct amount is $350,817, not $350,917. The 2012 table has been corrected. We apologize for any inconvenience this has caused. (11/22/2011)

Benefit Restrictions - Present Value of PBGC Maximum Guarantee: The Pension Protection Act of 2006 provides that, generally beginning in 2008, single-employer plans that are between 60 and 80 percent funded may not pay lump sums or other accelerated distribution forms with values in excess of: (1) 50 percent of the amount that would be paid absent the restriction or, if smaller (2) the present value of PBGC's maximum guarantee computed under PBGC guidance. Technical Update 07-04 describes the methodology used to determine the present value of PBGC's maximum guarantee and explains that a table will be posted for each calendar year. On November 03, 2011 PBGC posted the 2012 table. (11/03/11)

Form 5500 Schedule H instructions for reporting PBGC premium payments made from plan assets: On November 2, 2011, PBGC responded to an inquiry by the Pension Committee of the American Academy of Actuaries about instructions for reporting PBGC premium payments made from plan assets. For 2009 and 2010 plan years, filers may report that information on either Line 2(i)(4) (other administrative expenses) or Line 2l (transfers of assets). For 2011 plan years, filers will be required to report that information on Line 2(i)(4). PBGC’s response was prepared in coordination with the Department of Labor and the Internal Revenue Service. (11/02/2011)

Cash balance plans proposed rule: On October 31, 2011, PBGC published a proposed rule on terminating cash balance plans and other statutory hybrid plans. The proposed rule, which implements Pension Protection Act of 2006 changes, would apply to plans trusteed by PBGC and plans that terminate in a standard or distress termination. Comments on the proposed rule are due December 30, 2011. (10/31/2011)

No increase in flat-rate premium for plan year 2012: The per-participant flat-rate premium for plan year 2012 is $35 for single-employer plans and $9 for multiemployer plans (both unchanged from plan year 2011). By law, the premium rates are adjusted for inflation each year based on changes in the national average wage index. (10/25/2011)

Notice About Premium Filings: As a service to plan administrators who prepare and submit premium filings, PBGC is mailing a notice about the upcoming 2012 premium instructions along with a My PAA pamphlet. The notice also includes helpful premium filing reminders. (09/19/2011)

Premium Penalty Relief; Alternative Premium Funding Target Election Relief: On September 15, 2011, PBGC published a notice announcing that PBGC is providing relief from certain premium penalties and in certain situations involving alternative premium funding target elections. PBGC is providing this relief in response to comments by premium payers and pension professionals and as a result of its regulatory review under Executive Order 13563 on Improving Regulation and Regulatory Review. (09/15/11)

Plan for Regulatory Review: PBGC has issued its Plan for Regulatory Review. The plan highlights PBGC’s plans to work with its stakeholders and reduce burden in various areas, including reportable events, premiums, and ERISA sections 4010 and 4062(e). PBGC developed the plan in response to Executive Order 13563 on Improving Regulation and Regulatory Review. Executive Order 13563 calls for an “open exchange” of information among government officials, experts, stakeholders, and the public. The public is encouraged to submit comments on PBGC’s review plan on an on-going basis as PBGC engages in its regulatory review or nominate rules to review. Please send comments to regs.comments@pbgc.gov. All comments will be posted on www.pbgc.gov. (08/23/11)

Final Rule on Treating Bankruptcy Filing Date as Plan Termination Date: On June 14, 2011, PBGC published in the Federal Register a final rule that implements a Pension Protection Act of 2006 change to the benefits PBGC pays. Under PPA, when an underfunded pension plan terminates during the bankruptcy of the plan sponsor, the date that the sponsor's bankruptcy petition was filed is treated as the plan's termination date for purposes of determining (1) the amount of benefits PBGC guarantees, and (2) the amount of benefits in priority category 3 in the asset allocation. The statutory change applies if the bankruptcy petition was filed on or after September 16, 2006. The final rule will be effective July 14, 2011. (06/14/11)

Preliminary Plan for Regulatory Review:

PBGC’s Preliminary Plan for Regulatory Review is available for public comment. The Preliminary Plan was developed in response to Executive Order 13563 on Improving Regulation and Regulatory Review. Executive Order 13563 calls for an “open exchange” of information among government officials, experts, stakeholders, and the public. PBGC encourages comments as it finalizes its Plan and engages in the regulatory review. Comments, identified by “Regulatory Review”, may be submitted by any of the following methods:

• Federal eRulemaking Portal: https://www.regulations.gov. Follow the web site instructions for submitting comments.
• email: reg.comments@pbgc.gov.
• Fax: 202-229-4224.
• Mail or Hand Delivery: Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 445 12th Street SW, Washington, DC 20024-2101.

All comments will be posted on www.pbgc.gov. (05/27/11)

Request for Comments on Regulatory Review: On April 1, 2011, PBGC published a Request for Comments on developing a preliminary plan for reviewing its regulations, in response to Executive Order 13563 on Improving Regulation and Regulatory Review. PBGC requests that comments on developing the preliminary plan be submitted by April 20, 2011. There will be additional opportunities for public comment after the preliminary plan is developed and approved. (04/01/11)

Proposed rule on shutdown benefits: On March 11, 2011, PBGC issued a proposed rule to amend its regulation on Benefits Payable in Terminated Single-Employer Plans. The amendments implement section 403 of the Pension Protection Act of 2006, which provides that the phase-in period for PBGC's guarantee of benefits that are contingent upon the occurrence of an "unpredictable contingent event," such as a plant shutdown, starts no earlier than the date of the shutdown or other unpredictable contingent event. Comments on the proposed rule are due May 10, 2011. (03/11/11)

Automated confirmation of emails: Starting February 22, 2011, practitioners began receiving automated replies confirming receipt of emails sent to PBGC at the following addresses: single-employer.funding.relief.election@pbgc.gov, Post-Event.Report@pbgc.gov, AdvanceReport@pbgc.gov, Form200@pbgc.gov, 4063.report@pbgc.gov, Distress@pbgc.gov, erisa.4010@pbgc.gov, single-employerAFN@pbgc.gov, and multiemployerprogram@PBGC.gov. (02/22/11)

Premium Penalty Relief: A new PBGC policy statement published on February 9, 2012, allows pension plans that have never paid required PBGC premiums to do so without penalty for a limited period of time. After this time period ends, PBGC will step up enforcement efforts against such plans and resume penalty charges. This is an outgrowth of PBGC's ongoing review of its regulations consistent with Executive Order 13563. (02/09/12)

2010 Archive

Single-Employer Plans - Funding Relief Notification to PBGC: On December 17, 2010, IRS issued Notice 2011-3 providing single-employer plan guidance on funding relief under the Pension Relief Act of 2010. Included in this Notice is guidance on how to satisfy the IRC 430(c)(2)(D)(vi) provision requiring sponsors of single-employer plans to inform PBGC if they are electing funding relief. See Q&As N-6 and N-7. The deadline is the later of 30 days after the date the election is made, or January 31, 2011. (12/20/10)

2011 Premium Payment Instructions: The premium payment instructions (including illustrative forms) for both Estimated Flat-rate Filings and Comprehensive Filings for plan year 2011 are posted to the Premium Payment Instructions and Addresses page of our website. My Plan Administration Account (My PAA) is expected to be ready for 2011 premium filings to be prepared and submitted by mid January 2011. (12/16/10)

Reportable Events; Guidance for 2011 Plan Years: On December 3, 2010, PBGC issued Technical Update 10-4, which extends for 2011 plan years the reportable events guidance provided in Technical Update 09-4. PBGC expects to issue a final rule amending its reportable events regulation in 2011. (12/03/10)

Multiemployer Plans - Funding Relief Notification to PBGC: On November 26, 2010, IRS issued Notice 2010-83 providing multiemployer plan guidance on funding relief under the Pension Relief Act of 2010. Included in this Notice is guidance on how to satisfy the IRC 431(b)(8)(E) provision requiring sponsors of multiemployer plans to inform PBGC if they are applying funding relief. See Q&As N-5 and N-6. These Q&As describe the content of the notice to PBGC and provide the addresses for hard and electronic copies. The deadline is the later of 30 days after the date the plan sponsor makes a formal decision to apply the rules, or January 18, 2011. (12/01/10)

Benefit Restrictions – Updated Present Value of PBGC Maximum Guarantee: Although PBGC's maximum guarantee is not increasing for plans terminating in 2011, the present value of the maximum guarantee for purposes of section 436(d)(3)(A)(ii) of the Internal Revenue Code (IRC) and section 206(g)(3)(C)(i)(II) of ERISA is changing for 2011. The assumptions used to determine the present value vary each year. Technical Update 07-04 describes the methodology used to determine the present value and explains that a table will be posted for each calendar year. On October 26, 2010 PBGC posted the 2011 table. (10/26/10).

4062(e) proposed rule comment period extension: On October 20, 2010, PBGC published a Federal Register document extending until November 12, 2010, the period for submitting comments on its proposed rule on ERISA section 4062(e). (10/20/10)

No increase in flat-rate premium for plan year 2011. The per-participant flat-rate premium for plan year 2011 is $35 for single-employer plans and $9 for multiemployer plans (both unchanged from plan year 2010). By law, the premium rates are adjusted for inflation each year based on changes in the national average wage index. (10/19/10)

Notice About Premium Filings: As a service to plan administrators who prepare and submit premium filings, PBGC recently mailed a notice about the upcoming 2011 premium instructions. The notice also includes helpful premium filing reminders. (09/17/10)

4062(e) proposed rule: On August 10, 2010, PBGC published a proposed rule on ERISA section 4062(e), which provides for reporting of and liability for certain substantial cessations of operations by employers that maintain single-employer plans. The proposed rule would provide guidance on whether and when a "section 4062(e) event" occurs, describe the liability that arises and how the liability is satisfied, prescribe recordkeeping requirements, and provide for waivers in appropriate circumstances. PBGC also submitted draft information requirements under the proposed rule to the Office of Management and Budget. Comments on the proposed rule and information requirements are due by October 12, 2010. (08/10/10)

Technical Update on multiemployer plan withdrawal liability: On July 15, 2010, PBGC issued Technical Update 10-3, which provides guidance on simplified methods for the application of the requirement under the Pension Protection Act of 2006 that a multiemployer plan in critical status disregard certain benefit reductions in determining the plan's unfunded vested benefits for purposes of determining an employer's withdrawal liability. (07/15/10)

Technical Update on alternative premium funding target elections: On June 16, 2010, PBGC issued Technical Update 10-2, which makes relief available to plans that intended to elect to use the alternative premium funding target to calculate the variable rate premium but did not check the appropriate box on the comprehensive premium filing, if certain conditions are met. The Technical Update sets forth the scope of the relief and the process for obtaining it. (06/15/10)

Relief in connection with alternative premium funding target elections: PBGC will provide relief to certain plans that used the alternative premium funding target to determine the variable-rate premium, but did not check the appropriate box on the comprehensive premium filing. As explained in a June 7 letter to the leadership of the Senate HELP and Finance Committees (PBGC's two Senate committees of jurisdiction), a plan that intended to elect to use the alternative premium funding target will be deemed to have made a valid election if certain conditions are met (see also May 20 letter from the Senate committees). PBGC will issue a Technical Update shortly setting forth the scope of the relief and the process for obtaining it. (06/08/10)

Form 5500, Schedule R instructions: On June 8, 2010, PBGC issued Technical Update 10-1, which provides guidance on the 2009 instructions to Form 5500 (Annual Return/Report of Employee Benefit Plan), specifically to the instructions for Line 14 of Schedule R (Retirement Plan Information). Line 14 requires multiemployer plans to report the number of inactive participants whose employers have withdrawn from the plan, in connection with Pension Protection Act of 2006 amendments to section 103(f)(2)(C) of ERISA (Annual Reports). Technical Update 10-1 clarifies the "last employer rule" under the Schedule R Instructions and provides reporting relief for the 2009 plan year for "a reasonable approximation" of the number of participants required to be reported (e.g., based on sampling) and an alternative method of compliance based on the number of withdrawn employers. (06/08/10)

2010 Premium Filings: Both Estimated Flat-rate filings and Comprehensive filings for plan years beginning in 2010 may now be electronically submitted via My Plan Administration Account (My PAA). Information about how to e-file via My PAA (e.g., FAQs and Demos) is on the Online premium filing (My PAA) page of our Web site. The 2010 premium payment instructions (including illustrative forms) now include both the Estimated Flat-rate filing and Comprehensive filing and are posted to the Premium Instructions and Forms page of our Web site. The per-participant flat-rate premium for plan years beginning in 2010 is $35.00 for single-employer plans (up from $34.00 for plan year 2009) and $9.00 for multiemployer plans (unchanged from plan year 2009). By law, the premium rates are adjusted for inflation each year based on changes in the national average wage index (see PBGC December 1 Notice). (01/04/10)

2009 Archive

Reportable Events and Form 200; draft information requirements: The draft information requirements submitted to the Office of Management and Budget in connection with PBGC's pending proposed rule on Reportable Events are now available on PBGC's Web site. PBGC has posted the information that would be required (under the proposed rule) to be reported on Form 10, Form 10-A, and Form 200 and the corresponding draft instructions. (12/04/09)

Expected Retirement Age: On December 1, 2009, PBGC published a final rule amending its valuation regulation by substituting a new table for selecting a retirement rate category. The new table applies to any plan being terminated either in a distress termination or involuntarily by the PBGC with a valuation date falling in 2010. (12/01/09)

Flat-Rate Premiums: On December 1, 2009, PBGC published a notice stating that the per-participant flat-rate premium for single-employer plans for plan year 2010 is $35.00 (up from $34.00 for Plan Year 2009) and $9.00 (unchanged from Plan Year 2009) for multiemployer plans. By law, the premium rates are adjusted for inflation each year based on changes in the national average wage index. The notice states that no further flat premium rate notices will be published in the Federal Register and tells the public where to find flat premium rates on its Web site. (12/01/09)

Maximum Guaranteeable Benefit: On December 1, 2009, PBGC published a final rule removing the maximum guarantee table from its benefit payment regulation and telling the public where to find maximum guaranteeable benefits on its Web site. The maximum guaranteeable monthly benefit for 2010 is $4,500.00 (unchanged from 2009). (12/01/09)

Benefit Restrictions - Present Value of PBGC Maximum Guarantee: The Pension Protection Act of 2006 provides that, generally beginning in 2008, single-employer plans that are between 60 and 80 percent funded may not pay lump sums or other accelerated distribution forms with values in excess of: (1) 50 percent of the amount that would be paid absent the restriction or, if smaller (2) the present value of PBGC's maximum guarantee computed under PBGC guidance. Technical Update 07-04 describes the methodology used to determine the present value of PBGC's maximum guarantee and explains that a table will be posted for each calendar year. On November 23, 2009 PBGC posted the 2010 table. (11/25/09)

Irrevocable Commitments; Request for Public Comment. On November 23, 2009, PBGC published in the Federal Register a request for public comment on purchases of irrevocable commitments to provide plan benefits before initiating a standard termination under ERISA section 4041. PBGC is seeking guidance from the public on such issues as the extent to which such purchases of irrevocable commitments violate statutory and regulatory termination requirements, safeguards for participants and beneficiaries, and sanctions for violations. Comments are due by January 22, 2010. (11/23/09)

Reportable Events; Proposed Rule; Guidance for 2010 Plan Years: On November 23, 2009, PBGC published in the Federal Register a proposed rule that would conform PBGC’s reportable events regulation under section 4043 of ERISA and several other PBGC regulations to statutory and regulatory changes resulting from the Pension Protection Act of 2006. The proposed rule would also eliminate most of the automatic waivers and filing extensions, add two new reportable events, and make some other changes and clarifications. Comments on the proposed rule are due by January 22, 2010. In connection with the publication of the proposed rule, PBGC is submitting for review by the Office of Management and Budget a request for approval of changes to the reporting requirements under Part 4043. The draft forms and instructions will be available on PBGC’s Web site shortly. Also on November 23, 2009, PBGC issued Technical Update 09-4, which extends guidance provided in Technical Update 09-1 and Technical Update 09-3 for 2010 plan years. PBGC expects to supersede the guidance in Technical Update 09-4 with a final rule amending the reportable events regulation sometime during 2010. (11/23/09)

Final rule on USERRA Benefits Under Title IV. On November 17, 2009, PBGC published in the Federal Register a final rule that amends PBGC's benefit payments regulation to implement provisions of the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA). USERRA provides that an individual who leaves a job to serve in the uniformed services is generally entitled to reemployment by the previous employer and, upon reemployment, to receive credit for benefits, including employee pension plan benefits, that would have accrued but for the employee's absence due to the military service.

Under PBGC's current benefit payments regulation, a benefit is guaranteed only if the participant satisfies the conditions for entitlement to the benefit on or before the plan's termination date. The final rule provides that so long as a service member is reemployed within the time limits set by USERRA, even if the reemployment occurs after the plan's termination date, PBGC will treat the service member as having satisfied the reemployment condition as of the termination date. This will ensure that the pension benefits of reemployed service members, like those of other employees, will generally be guaranteed for periods up to the plan's termination date.

The final rule will be effective December 17, 2009. The change will apply to reemployments under USERRA initiated on or after December 12, 1994. Once the final rule is effective, PBGC will begin adjusting final benefit determinations of affected participants and make back payments with interest. (11/17/09)

Flat-Rate Premium Increase for Plan Year 2010: The per-participant flat-rate premium for plan year 2010 is $35.00 for single-employer plans (up from $34.00 for plan year 2009) and $9.00 for multiemployer plans (unchanged from plan year 2009). By law, the premium rates are adjusted for inflation each year based on changes in the national average wage index. (10/16/09)

Proposed rule on USERRA Benefits Under Title IV: On July 29, 2009, PBGC published in the Federal Register a proposed rule that would amend PBGC's benefit payments regulation to implement provisions of The Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA). USERRA provides that an individual who leaves a job to serve in the uniformed services is generally entitled to reemployment by the previous employer and, upon reemployment, to receive credit for benefits, including employee pension plan benefits, that would have accrued but for the employee's absence due to the military service. Comments on the proposed rule must be submitted by September 28, 2009.

Under PBGC's current benefit payments regulation, a benefit is guaranteed only if the participant satisfies the conditions for entitlement to the benefit on or before the plan's termination date. The proposed rule would provide that so long as a service member is reemployed within the time limits set by USERRA, even if the reemployment occurs after the plan's termination date, PBGC would treat the service member as having satisfied the reemployment condition as of the termination date. This would ensure that the pension benefits of reemployed service members, like those of other employees, would generally be guaranteed for periods up to the plan's termination date. The change would apply to reemployments under USERRA initiated on or after December 12, 1994.

PBGC will immediately take the proposed rule provisions into account in paying estimated benefits to participants who enter pay status and in making new benefit determinations, dependent on PBGC having the necessary information. Once the final rule is effective (30 days after publication), PBGC will begin adjusting final benefit determinations of affected participants and make back payments with interest. (07/29/09)

Practitioners Page Updated: On May 18, 2009, PBGC made two changes to the Reporting and Disclosure section of the Practitioners page on PBGC's Web site. First, the Web page Reportable Events and Large Unpaid Contributions was restructured and improved so that detailed guidance on ERISA section 4043 reporting, including forms and instructions, Technical Updates, and Blue Book questions, can be found in one place. Second, there now is a link to information on the DOL/EBSA Annual Funding Notice under ERISA section 101(f), applicable to plan years beginning on or after January 1, 2008. (05/18/09)

Small Plan Reporting Relief for Missed 2009 Quarterlies: On April 30, 2009, PBGC issued Technical Update 09-3, which provides relief from part 4043 reporting requirements if a required quarterly contribution for the 2009 plan year is not timely made to a plan, and the failure to make the contribution is not motivated by financial inability. The Technical Update waives reporting in such cases if the plan has fewer than 25 participants and provides a simplified reporting requirement if the plan has at least 25 but fewer than 100 participants. (04/30/09)

4010 Reporting - Alternative Form-of-Payment Assumption for Determining Benefit Liabilities: On March 25, 2009, PBGC issued Technical Update 09-2, which allows 4010 filers to determine benefit liabilities for 4010 reporting purposes using the form of payment assumption described in 29 CFR § 4044.51 (generally an annuity form of payment). This is an alternative to the form-of-payment-assumption under § 4010.8(d)(2)(i) of PBGC's final regulation on 4010 reporting, which requires filers to use the form-of-payment assumption for determining the minimum required contribution. (03/25/09)

4010 Filings: The e-4010 filing application and related materials have been updated to reflect changes in the March 16, 2009 final rule. The application is now available to accept post-Pension Protection Act of 2006 filings. (03/20/09)

4010 Final Rule: On March 16, 2009, PBGC published a final rule that amends its regulation on Annual Financial and Actuarial Information Reporting (29 CFR part 4010). The final rule implements Pension Protection Act of 2006 changes to ERISA section 4010 and makes other modifications and clarifications to the reporting requirements. PBGC expects to update the e-4010 filing application and related materials (e.g., filing instructions) within a few days. Until the application is updated, filers should not attempt to enter data for post-PPA filing; such data will be lost when the application is updated. However, first-time filers may log on to the application to set up an account and familiarize themselves with the application, through http://www.pbgc.gov/practitioners/reporting-and-disclosure/content/page14529.html. The first filings under the new rules are due April 15, 2009. (03/16/09)

Single-employer plan Annual Funding Notices: Under section 101(f) of ERISA and guidance issued by the Department of Labor, starting with plan years beginning on or after January 1, 2008, single-employer plans with liabilities that exceed plan assets by $50 million or more must provide PBGC with a copy of the Annual Funding Notice by the Annual Funding Notice due date. Single-employer plans with liabilities that exceed plan assets by less than $50 million must provide PBGC with a copy of the Annual Funding Notice within 30 days of receiving a written request from PBGC. See Department of Labor Field Assistance Bulletin No. 2009-01 (Feb. 10, 2009), https://www.dol.gov/sites/default/files/ebsa/employers-and-advisers/guidance/field-assistance-bulletins/2009-01.pdf.

Single-employer plans required to provide PBGC with a copy of the Annual Funding Notice should email it to single-employerAFN@pbgc.gov, or send it to:

PBGC
ATTN: Single-Employer AFN Coordinator
445 12th Street SW
Washington, DC 20024-2101

For more information on reporting and disclosure requirements under section 101(f) of ERISA, including a model notice, see http://www.dol.gov/ebsa/. For questions on PBGC requirements regarding the Annual Funding Notice, call 202-229-4070 or email single-employerAFN@pbgc.gov. (03/13/09)

No Missed-Quarterly Waiver for 2009: PBGC is not granting an automatic waiver for 2009 of the requirement to notify PBGC of missed quarterly contributions under section 4043 of ERISA and PBGC's reportable events regulation (29 CFR Part 4043). Automatic waivers have been granted by Technical Update for 2008 and prior years where the employer had 100 or fewer participants covered by its plans, or had between 100 and 500 participants covered by its plans and had missed contributions to a plan that was well-funded. PBGC's experience is that many plans that did not report missed quarterlies because of the automatic waiver later terminated with unfunded liabilities, and that if missed-quarterly reports had been made, PBGC might have been able to work with plan sponsors to avoid the underfunded terminations. PBGC will still grant case-by-case waivers where appropriate. (02/20/09)

Notice To Defined Benefit Plans Concerning Funds Invested With Bernard L. Madoff Investment Securities LLC: Concerning pension plans that may have suffered investment losses due to the failure of Bernard L. Madoff Investment Securities LLC, PBGC reminds sponsors of single-employer plans that will be unable to pay benefits when due: ERISA section 4043 requires them to notify the agency within 30 days. Trustees of multiemployer plans who believe benefits will not be paid must also carry out their Title IV responsibilities, including PBGC notification. (02/09/09)

Reportable Events: Funding-Related Determinations for Threshold Test, Waivers, and Extensions; Effect of the Pension Protection Act of 2006; Guidance for 2009 Plan Years: On January 9, 2009, PBGC issued Technical Update 09-1 , which provides guidance on the applicability of changes made by the Pension Protection Act of 2006 as they relate to PBGC's Reportable Events regulation (29 CFR part 4043). Technical Update 09-1 provides basically that for Reportable Events purposes, a plan's unfunded vested benefits and the value of its assets and vested benefits are determined for a plan year beginning in 2009 in the same manner as for premiums for the preceding plan year. See Technical Update 07-2 for Reportable Events guidance for 2008 plan years. (01/09/09)

2009 Premium Filings: The inflation adjusted flat premium rate is $34.00 per participant for single-employer plans. The flat premium rate for multiemployer plans is $9.00 per participant. Information about how to e-file via My PAA (e.g., FAQs and Demos) is on the Online premium filing (My PAA) page of our Web site. The premium payment instructions (including illustrative forms) for both Estimated Flat-rate Filings and Comprehensive Filings for plan year 2009 are posted to the Premium Instructions and Forms page of our Web site. (12/08 & 01/09)

2008 Archive

Minimum Lump Sum Assumptions for Terminating Single-Employer Plans; Pension Protection Act of 2006: On December 31, 2008, PBGC issued Technical Update 08-4 , which provides guidance on minimum lump sum assumptions for plans that terminate in standard terminations (and in certain distress terminations) after the effective date of PPA 2006 changes to interest and mortality assumptions for minimum lump sums in ongoing plans. Among other things, Technical Update 08-4 addresses situations where a plan terminates in a plan year before the PPA 2006 interest rate basis is fully phased in and pays lump sums in a subsequent plan year. See Technical Update 07-3 for guidance on minimum lump sum assumptions for plans that terminate before the effective date of the PPA 2006 changes. (12/31/08)

Multiemployer Withdrawal Liability Final Rule: On December 30, 2008, PBGC published in the Federal Register a final rule that implements changes under the Pension Protection Act of 2006 (PPA 2006) to the withdrawal liability methods for multiemployer plans and makes other changes to the multiemployer program under PBGC's regulatory authority. For example, the rule implements the PPA 2006 "fresh start" option for determining withdrawal liability. (12/30/08)

Benefit Restrictions - Present Value of PBGC Maximum Guarantee: The Pension Protection Act of 2006 provides that, generally beginning in 2008, single-employer plans that are between 60 and 80 percent funded may not pay lump sums or other accelerated distribution forms with values in excess of: (1) 50 percent of the amount that would be paid absent the restriction or, if smaller (2) the present value of PBGC's maximum guarantee computed under PBGC guidance. Technical Update 07-04 describes the methodology used to determine the present value of PBGC's maximum guarantee and explains that a table will be posted for each calendar year. On December 22, 2009 PBGC posted the 2009 table. (12/22/08)

ERISA Section 4010 Filing Waiver: On December 19, 2008, PBGC issued Technical Update 08-3, which waives the filing under ERISA section 4010 for information years beginning on or after January 1, 2008 if: (1) the sole reason reporting would otherwise be required is because one or more plans sponsored by members of the filer's controlled group have a funding target attainment percentage of less than 80 percent; and (2) the aggregate underfunding for plans sponsored by members of the filer's controlled group is less than $15 million. This waiver is identical to a waiver in PBGC's proposed rule that would amend PBGC's regulation on Annual Financial and Actuarial Information Reporting (29 CFR part 4010). PBGC expects to issue a final rule in early 2009. PBGC issued Technical Update 08-3 pending issuance of the final rule so that potential filers can make informed decisions about elections to waive carryover balances, which, for many plans, are due by year-end. (12/19/08)

Expected Retirement Age Update: On December 1, 2008, PBGC published a final rule amending its valuation regulation by substituting a new table for selecting a retirement rate category. The new table applies to any plan being terminated either in a distress termination or involuntarily by the PBGC with valuation date falling in 2009. (12/01/08)

2009 Maximum Guarantee: On December 1, 2008, PBGC published a final rule amending its benefits payment regulation by updating the maximum guaranteeable monthly benefit table for 2009. The maximum guaranteeable monthly benefit for 2009 is $4,500.00 (as compared with $4,312.50 for 2008). (12/01/08)

Flat-Rate Premium Increase for Plan Year 2009: On December 1, 2008, PBGC published a notice stating that the per-participant flat-rate premium for single-employer plans for plan year 2009 is $34.00 (up from $33.00 for Plan Year 2008) and $9.00 (unchanged from Plan Year 2008) for multiemployer plans. By law, the premium rates are adjusted for inflation each year based on changes in the national average wage index. (12/01/08)

Disclosure of Termination Information Final Rule: On November 18, 2008, PBGC published a final rule to implement section 506 of the Pension Protection Act of 2006, which amends sections 4041 and 4042 of ERISA. These amendments require that plan administrators, plan sponsors, and PBGC disclose certain information in connection with distress terminations or PBGC-initiated terminations to affected parties upon request. (11/18/08)

Flat-Rate Premium Increase for Plan Year 2009: The per-participant flat-rate premium for single-employer plans for plan year 2009 is $34.00 (up from $33.00 for Plan Year 2008) and $9.00 (unchanged from Plan Year 2008) for multiemployer plans. By law, the premium rates are adjusted for inflation each year based on changes in the national average wage index. (10/21/08)

2008 Premium Filings: For plan years beginning in 2008, both Comprehensive and Estimated Flat-rate Filings can now be electronically filed via our premium e-filing application called My Plan Administration Account (My PAA). For details about the information that must be submitted in the 2008 Comprehensive Filing, refer to the Comprehensive Filing instructions that are on our Web site. For information about how to e-file, review the My PAA Page (e.g., FAQs, E-Filing Tips and User Demos). Note that the earliest Comprehensive Filing due date for 2008 calendar year plans is October 15, 2008. (7/25/08)

Administrative Review of Agency Decisions Final Rule: On July 3, 2008, PBGC published a final rule that amends its regulation on Rules for Administrative Review of Agency Decisions (29 CFR part 4003) to clarify that the agency's Appeals Board may refer certain categories of appeals to other PBGC departments for a written response and to make other minor changes in the rules. (07/03/08)

Proposed Rule on Treating Bankruptcy Filing Date as Plan Termination Date: On July 1, 2008, PBGC published in the Federal Register a proposed rule that would implement a Pension Protection Act of 2006 change to the benefits PBGC pays. Under PPA 2006, when an underfunded pension plan terminates during the bankruptcy of the plan sponsor, the date that the sponsor's bankruptcy petition was filed is treated as the plan's termination date for purposes of determining (1) the amount of benefits PBGC guarantees, and (2) the amount of benefits in priority category 3 in the asset allocation. The statutory change applies if the bankruptcy petition was filed on or after September 16, 2006. Comments on the proposed rule are due September 2, 2008. (07/01/08)

PBGC Publishes Final Rule Amending Its Bylaws: On May 23, 2008, PBGC published in the Federal Register a final rule that amends PBGC's bylaws. The bylaws define the roles of the new statutory Director, the Board, and the Board Representatives. (05/23/08)

PBGC Form 200 questions: On April 15, 2008, the Treasury Department and the Internal Revenue Service published proposed regulations providing guidance on the determination and payment of minimum required contributions under the new funding rules enacted as part of the Pension Protection Act of 2006. The new regulations are proposed to be effective for plan years beginning on or after January 1, 2009, but plan sponsors may rely upon them for plan years beginning in 2008. For a calendar year plan required to make quarterly installments, the first installment for the 2008 plan year was due April 15, 2008. Whenever there is a failure to make a required payment and the total of unpaid balances including interest exceeds $1 million, the plan sponsor must file PBGC Form 200 (Notice of Failure to Make Required Contributions) within 10 days of the due date for the required payment. Sponsors with questions about PBGC Form 200 filing requirements should contact Scot McCulloch of PBGC's Department of Insurance Supervision and Compliance, at (202) 229-4070 x 3033 or mcculloch.scot@pbgc.gov. (04/16/08)

Waiver for Small Employer Reporting of Missed Quarterly Contributions: On March 24, 2008, PBGC issued Technical Update 08-2, which waives reporting under PBGC's reportable events regulation of missed quarterly contributions for plan years beginning in 2008 for certain small employers. (3/24/08)

VRP Final Rule Published; 2008 Premium Filings. On March 21, 2008, PBGC published a final rule to amend PBGC's regulations on Premium Rates and Payment of Premiums. The amendments implement provisions of the Pension Protection Act of 2006 that change the variable-rate premium for plan years beginning on or after January 1, 2008, and make other changes to the regulations. The related premium instructions for 2008 final e-filings (now called Comprehensive Filings) have been updated to incorporate this final rule and have been posted to our Web site. Conforming changes will be made to My Plan Administration Account (My PAA) in sufficient time for the first Comprehensive Filings. The earliest Comprehensive Filing due date for calendar year plans in 2008 is October 15, 2008. Please note that for 2008, only Estimated Flat-rate Premium Filings are allowed to be e-filed at this time via My PAA. (3/21/08) .

4010 filing deadline extension: On February 21, 2008, PBGC issued Technical Update 08-1, which grants an automatic one-day extension of the 4010 filing deadline where the 105-day reporting period includes February 29, 2008. See section 4010 of ERISA and 29 CFR part 4010. For example, for a calendar year filer, this Technical Update extends the filing deadline from Monday, April 14, 2008 to Tuesday, April 15, 2008. (2/21/08)

Proposed rule on Annual Financial and Actuarial Information Reporting (ERISA section 4010): On February 20, 2008, PBGC published in the Federal Register a proposed rule that would implement changes to PBGC's regulation on annual financial and actuarial information reporting (part 4010) as required under the Pension Protection Act of 2006. The proposed rule, which would provide guidance on how to determine whether a 4010 filing is required under the PPA 2006 changes, would waive reporting in certain cases for controlled groups with aggregate underfunding of $15 million or less. It also would specify that the new rules are applicable to information years beginning after 2007; modify the standards for determining which plans are exempt from reporting actuarial information; revise the actuarial information requirements to conform with other PPA changes; and provide other clarifications. The first reports under the new rules would generally be due April 15, 2009. Comments on the proposed rule are due April 21, 2008. (2/20/08)

VRP Interest Rates under PPA: On January 15, 2008, PBGC posted the variable-rate premium interest rates for plan years beginning in January 2008 on its Web site. This is the first set of rates under the new interest rate methodology established by the Pension Protection Act of 2006 for determining the present value of vested benefits for purposes of the variable-rate premiums. (01/15/08)

PBGC Discontinuing Routine Federal Register Notices of Interest Rates: On January 15, 2008, PBGC published a notice informing the public that the routine Federal Register notices of PBGC interest rates and assumptions to be used under parts 4006, 4007, 4062, 4219, and 4281 of PBGC regulations have been discontinued. These include the variable rate premium interest rates . These rates and assumptions are published elsewhere (or can be derived from rates published elsewhere) and are also available in the Interest Rates section of the Practitioners page on PBGC's Web site, www.pbgc.gov. (01/15/08)

2007 Archive

Premium Final Rule: On December 17, 2007, PBGC published a final rule amending PBGC's premium regulations to implement certain provisions of the Deficit Reduction Act of 2005 and the Pension Protection Act of 2006 that are effective beginning in 2006 or 2007. The provisions that are implemented by this rule change the flat premium rate, cap the variable-rate premium for plans of certain small employers, and create a new "termination premium" that is payable in connection with certain distress and involuntary plan terminations. (12/17/07)

Benefit Restrictions - Present Value of PBGC Maximum Guarantee: The Pension Protection Act of 2006 provides that, generally beginning in 2008, single-employer plans that are between 60 and 80 percent funded may not pay lump sums or other accelerated distribution forms with values in excess of: (1) 50 percent of the amount that would be paid absent the restriction or, if smaller (2) the present value of PBGC's maximum guarantee computed under PBGC guidance. On December 17, 2007, PBGC posted a table showing the present value of PBGC's maximum guarantee for 2008 and issued Technical Update 07-04 providing information on how the table was developed and how it should be used. (12/17/07)

Transitional Guidance on 4010 and 4043 Reporting Requirements: On November 28, 2007, PBGC issued Technical Update 07-2, providing guidance on the applicability of changes made by the Pension Protection Act of 2006 (PPA 2006) as they relate to PBGC's regulations on Annual Financial and Actuarial Information Reporting (29 CFR part 4010) and Reportable Events and Certain Other Notification Requirements (29 CFR part 4043). For example, the Technical Update states that PBGC interprets the PPA 2006 amendments to ERISA section 4010 as applying to information years beginning after 2007, which means that the $50 million gateway test is still used to determine whether a 4010 filing is required for information years beginning in 2007. In addition, the Technical Update provides guidance on how to determine vested benefits and UVBs for purposes of reporting waiver requirements and the advance notice filing threshold test under part 4043 for event years beginning in 2008. The PBGC revised this Technical Update on December 7, 2007 (corrected December 15, 2007). (12/15/07)

Disclosure of Termination Information Proposed Rule: On December 5, 2007, PBGC published a proposed rule to implement section 506 of the Pension Protection Act of 2006, which amends sections 4041 and 4042 of ERISA. These amendments require that a plan administrator disclose information it has submitted to PBGC in connection with a distress termination filing, and that a plan administrator or plan sponsor disclose information it has submitted to PBGC in connection with PBGC-initiated termination. The new provisions also require PBGC to disclose the administrative record in a PBGC-initiated termination. The disclosures must be made to an affected party upon request. Comments on the proposed rule are due February 4, 2008. (12/05/07)

Minimum Lump Sum Assumptions for Terminating Single-Employer Plans; Pension Protection Act 2006: On December 3, 2007, PBGC issued Technical Update 07-3 , which provides guidance on lump sum calculation issues for single-employer plans that terminate in standard terminations (and in certain distress terminations) pursuant to ERISA section 4041. In particular, the Technical Update provides that if a plan terminates before the effective date of Pension Protection Act of 2006 changes to the interest rate and mortality table used in determining minimum lump sum values, the pre-PPA assumptions apply for determining lump sum payments made on or after that effective date. (12/03/07)

Expected Retirement Age Update: On November 30, 2007, PBGC published a final rule amending its valuation regulation by substituting a new table for selecting a retirement rate category. The new table applies to any plan being terminated either in a distress termination or involuntarily by the PBGC with valuation date falling in 2008. (11/30/07)

2008 Maximum Guarantee: On November 30, 2007, PBGC published a final rule amending its benefits payment regulation by updating the maximum guaranteeable monthly benefit table for 2008. The maximum guaranteeable monthly benefit for 2008 is $4,312.50 (as compared with $4,125 for 2007). (11/30/07)

Notice of Revisions to 2008 Form 5500: On November 16, 2007, the Department of Labor, the Department of Treasury, and PBGC published a Notice of Adoption of Revisions to Annual Return/Reports in the Federal Register, at 72 FR 64731. The Notice contains revisions required by the Pension Protection Act of 2006 to the Form 5500 Annual Return/Report forms that are filed for employee benefit plans under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code. Some of the forms revisions will apply on a transitional basis for the 2008 reporting year. All of the forms revisions, including a new Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan, will be fully implemented for the 2009 reporting year as part of the switch under the ERISA Filing Acceptance System (EFAST) to a wholly electronic filing system (EFAST2). (11/16/07)

Rules for Administrative Review of Agency Decisions Proposed Rule: On October 18, PBGC published a proposed rule that would amend its regulation on Rules for Administrative Review of Agency Decisions (29 CFR part 4003) to clarify that the agency's Appeals Board may refer certain categories of appeals to other PBGC departments for a written response and to make other changes. Public comments on the proposed rule are due December 17, 2007. (10/18/07)

Variable Rate Premium Proposed Rule: On May 31, 2007, PBGC published a proposed rule to amend PBGC's regulations on Premium Rates and Payment of Premiums. The amendments would implement provisions of the Pension Protection Act of 2006 that change the variable-rate premium for plan years beginning on or after January 1, 2008, and make other changes to the regulations. Public comments on the proposed rule are due by July 30. (5/31/07)

Premium Proposed Rule: On February 20, 2007, PBGC published a proposed rule to amend PBGC's premium regulations to implement certain provisions of the Deficit Reduction Act of 2005 and the Pension Protection Act of 2006 that are effective beginning in 2006 or 2007. The provisions that would be implemented by this rule change the flat premium rate, cap the variable-rate premium for plans of certain small employers, and create a new "termination premium" that is payable in connection with certain distress and involuntary plan terminations. Public comments on the proposed rule are due by April 23. (2/22/07)

Technical Update 07-1: On February 13, 2007, PBGC issued Technical Update 07-1, Effect of Treasury Mortality Tables on PBGC Requirements, which provides guidance on how the establishment by the Secretary of the Treasury of new mortality tables for determining current liability affects premium calculations and other PBGC requirements (in particular, reporting requirements under ERISA sections 4010 and 4043). The PBGC modified this technical update on February 15, 2007, to make minor changes and to state under section III.C. that for advance reporting of a reportable event with an effective date in a plan year beginning in 2007, the fair market value of assets is used to determine whether a company is subject to advance reporting. (02/15/07)

2007 Premium Filings:

• Electronic Filing Required - All premium filings for plan years beginning on or after 1/1/2007 must be submitted electronically to PBGC. As of July 1, 2006, large plans (those with 500 or more participants in the prior year) have been required to e-file for plan years beginning on or after 1/1/2006.

• My PAA - PBGC's e-filing application, My Plan Administration Account (My PAA), has been updated to allow the preparation/submission of all types of 2007 Filings. Click here to access information about My PAA, including how to get started, answers to frequently asked questions, and online "demos."

• Flat-rate Premium Increase - The flat-rate premium for plan year 2007 is $31.00 per participant (up from $30.00 for 2006) for single-employer plans and $8.00 (no change from 2006) per participant for multi-employer plans.

• Assumptions/Methodology for Calculating VRP - As a result of the new IRS current liability mortality table, the assumptions and methods underlying the variable-rate premium calculation have changed. The Required Interest Rate increases from 85% to 100% of the corporate bond rate and the market value of assets should be used instead of actuarial value.

• Maximum VRP - Beginning with plan year 2007, the variable-rate premium is capped for certain plans maintained by small employers. The cap applies to a plan if the aggregate number of employees of the contributing sponsor of the plan and all members of their controlled group is 25 or fewer. For these plans, the variable-rate premium is capped at a per-participant rate of $5 multiplied by the number of plan participants. For example, if the participant count is 20, the cap on the variable-rate premium is $2,000 [($5 x 20) x 20]. (02/12/07)

Mortality Assumptions: New mortality assumptions for PBGC's missing participants regulation will be effective for plans terminating on or after February 27, 2007. On December 14, 2006, the PBGC published in the Federal Register a direct final rule updating the missing participant mortality assumptions under part 4050 of the PBGC's regulations to conform to amendments made to part 4044 (Allocation of Assets in Single-employer Plans), which were published in the Federal Register on December 2, 2005. The rule also contained a minor conforming amendment to the mortality assumptions in part 4281(Duties of Plan Sponsor Following Mass Withdrawal). The direct final rule provided that it would become effective on February 27, 2007, unless the PBGC were to receive significant adverse comment by January 16, 2007. No comments were received. (01/25/07)

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