Federal Pension Insurer Takes First Step to Automate Premium Filing Process
FOR IMMEDIATE RELEASE
February 18, 2004
The Pension Benefit Guaranty Corporation (PBGC) announced today that for plan years commencing in 2004 and later it will accept electronic premium filings and payments, prepared via PBGC's secure Web site, from companies that sponsor defined benefit pension plans.
"This is an important first step for PBGC and its stakeholders," said Hazel Broadnax, PBGC's chief financial officer. "We listened to the practitioner community and automated a very important business function, which we hope will be more efficient and effective for them to use when submitting premium information."
The new system, My Plan Administration Account (My PAA), an online e-filing service center, provides an electronic gateway for plan sponsors, administrators and pension practitioners who want to submit premium filings to PBGC. As an alternative to PBGC's current paper-based filing process, My PAA enables practitioners to establish an account, electronically create and sign premium filings (Forms 1, 1-ES and 1-EZ, and Schedule A to Form 1) and electronically submit the filings and payments to PBGC.
My PAA is the first of many steps PBGC plans to take to automate its transactions with practitioners. PBGC will announce additional e-filing opportunities as they are implemented.
For more information about My PAA, access PBGC's Web site, www.pbgc.gov, and click on the "Online Premium Filing" link. If you have questions, please call PBGC's Customer Service Center for Practitioners toll-free at 1-800-736-2444. For TTY/TDD users, call the Federal Relay Service toll-free at 1-800-877-8339 and ask to be connected to 1-800-736-2444.
PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974. It currently guarantees payment of basic pension benefits earned by over 44 million American workers and retirees participating in more than 31,000 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. 04-30