PBGC To Accept Reportable Event Forms Electronically
FOR IMMEDIATE RELEASE
April 07, 1998
The Pension Benefit Guaranty Corporation (PBGC) now offers an electronic version of its reportable events forms for filing via the Internet.
Software on PBGC's home page (Reportable Events Forms) allows plan sponsors and plan administrators to fill out a reportable event form on a computer and e-mail it to PBGC. Sponsors and plan administrators can still file a completed form by mail or fax.
"Corporate sponsors of pension plans and plan administrators should find virtual filing an easier way to report an event," said Executive Director David M. Strauss. "We will continue to look for ways to simplify processes for sponsors of defined benefit pension plans."
Companies and plan administrators are required to report certain events to PBGC that affect defined benefit pension plans, such as failure to make required contributions; liquidation of a contributing sponsor or a controlled group member; extraordinary dividend or stock redemption; transfer of benefit liabilities; application for minimum funding waiver; loan default; and bankruptcy or similar settlement.
Companies may use the appropriate form on PBGC's website: Form 10, Post-Event Notice of Reportable Events, required within 30 days after the event has occurred; Form 10-Advance - Advance Notice of Reportable Events, filed no later than 30 days before the effective date of the reportable event; and Form 200 - Notice of Failure to Make Required Contributions in Excess of $1 million, which must be filed no later than 10 days after the due date for the required payment.
PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by about 42 million American workers and retirees participating in about 45,000 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. 98-20