PBGC Provides Disaster Relief For Those Affected By Recent Terrorist Attacks
FOR IMMEDIATE RELEASE
October 05, 2001
The Pension Benefit Guaranty Corporation (PBGC) today provided penalty relief for late premiums and extended deadlines for various plan termination and other filings for companies and individuals affected by the terrorist attacks on September 11, 2001.
"We recognize the hardships and delays that the terrorist attacks imposed on our customers. We want to ease the burden of compliance with PBGC requirements, giving our customers a chance to catch up," said John Seal, PBGC's Acting Executive Director.
PBGC will waive penalties through February 12, 2002, for any premium payment with a due date between September 11, 2001 and February 12, 2002, if the pension plan administrator is located in an area for which the Department of Labor is providing disaster relief for Form 5500 filings under PWBA Press Release No. 01-36. This penalty relief also applies if the plan administrator cannot reasonably obtain information or other assistance from a person whose operations are directly affected by the disaster. In addition, PBGC is providing premium penalty relief beyond February 12, 2002, for plans that qualify for Form 5500 disaster extensions beyond that date. PBGC also is extending deadlines and providing penalty relief for various PBGC requirements relating to plan terminations and other matters.
PBGC's disaster relief program is outlined in the attached notice that will be published in the Federal Register on October 11, 2001. The notice does not cover every situation in which PBGC disaster relief may be warranted. Those affected by the disaster who need relief from a PBGC deadline that is not granted by the notice should contact Diane Morstein at 1-800-736-2444, ext. 4136 or by e-mail at firstname.lastname@example.org, to allow the agency to work with them in ensuring that they receive appropriate relief.
All submissions to PBGC relying on disaster-related relief described in the notice should print or type "9/11/01 terrorist attack relief until ________________" prominently at the top of the filing, inserting in the blank the last date to which relief for the filing is provided.
PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by more than 43 million American workers and retirees participating in nearly 38,000 private-sector defined benefit pension plans. The agency receives no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor pension plans and investment returns.
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PBGC No. 02-02