PBGC Encourages Plan Sponsors to File Premiums Electronically
FOR IMMEDIATE RELEASE
February 01, 2005
WASHINGTON- The Pension Benefit Guaranty Corporation (PBGC) is encouraging pension plan sponsors to prepare and submit premium filings and payments electronically via PBGC's e-filing system, called My Plan Administration Account (My PAA). This affords pension practitioners an opportunity to gain valuable experience with My PAA's premium e-filing process in advance of PBGC's plans to require electronic filing of premiums, beginning with large plans in 2006. PBGC will provide guidance to filers in advance of that change.
All types of premium filings (Form 1-ES, Form 1-EZ, Form 1, Form 1 with Schedule A) may be filed electronically for plan years beginning in 2004 and 2005. If a payment is due, My PAA will allow filers to pay via ACH, electronic check, or credit card and schedule the payment to be submitted on the day of your choice.
Electronic filing has many advantages over paper submissions. Filing preparation is easier and faster, with improved data accuracy. My PAA enables service providers and their clients to exchange premium information, notify each other of the next required action, track the progress of each plan's filing, receive confirmation that PBGC received the filing and payment, and view the plan's account history - all electronically.
For detailed information or to set up a My PAA account, go to "Online Premium Filing (My PAA)".
Pension practitioners with questions about My PAA, or requesting a copy of PBGC's pamphlet that describes premium e-filing in more detail, should call PBGC's toll-free practitioner number at 1-800-736-2444 (and select the "premium" option). Note: TTY/TDD users may call the federal relay service toll-free at 1-800-877-8339 and ask to be connected.
The 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 44 million American workers and retirees participating in over 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 by investment returns.
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PBGC No. 05-21