Premium Payment Options
Single e-filings may be paid online using My PAA (via ACH or electronic check) or paid outside of the My PAA application (via ACH, Fed wire, or paper check). If you choose to pay online using My PAA, you will have to provide your account information so that PBGC can “pull” the funds from your account after you submit your filing. If you choose to pay outside of My PAA, you will have to send your payment yourself or ask your bank or paying office to submit the payment to PBGC. By selecting this option, you are only telling PBGC how you intend to pay outside of My PAA after you submit the filing.
To select a payment method for a My PAA screen-created filing or an imported filing, you must be assigned the "paying agent" permission (by the filing coordinator) and you must be holding the filing (it will be reflected in the Inbox on your Home page). Click on the View/Manage Filing button to the right of your filing to go the Filing Manager Page. Once there, click on the Authorize payment button to select the payment alternative and provide any requested information. When the filing is ready for submission, the last step of the process is for the filing coordinator or plan administrator to submit the filing to PBGC – along with the payment option selected (to pay via My PAA or to pay outside of My PAA). Note that the payment and associated filing may also be scheduled to be submitted at a future date (e.g., closer to the filing due date).
If you are uploading only one filing, you will need to select a payment alternative that is offered during Step 2 of the filing process. If you upload a file that contains more than one premium filing (i.e., a batch of filings), the My PAA payment options are not offered because a separate payment must be made outside of My PAA for each filing.
An amount owed in association with a filing may be paid online within My PAA. During the e-filing process, a person who has been given the permission to authorize premium payments selects the payment method and enters the requested information (e.g., banking information). The payment is submitted to PBGC when the associated filing is submitted; and then PBGC subsequently “pulls” the funds from your account. My PAA offers the following payment options for My PAA screen-prepared filings, imported filings and single-filing uploads:
- Automated Clearing House (ACH) - This type of transaction will authorize PBGC to take your premium payment from the bank routing code and checking or savings account number that you specify. Make sure that your account is not "blocked," which would prevent PBGC from "pulling" the funds from your account (e.g., PBGC is aware that some "Trust Accounts" are blocked).
- Electronic Check - This is the electronic equivalent to writing a check. It involves entering the check number of a (voided) paper check, your checking account number, and the bank routing code. You can get the bank routing code and account number from the information preprinted at the bottom of your check. Just as with an ACH transaction, your premium payment will be debited from the checking account you specify. Make sure that your account is not "blocked" which would prevent PBGC from "pulling" the funds from your account (e.g., PBGC is aware that some "Trust Accounts" are blocked).
Premium filings may also be paid outside of My PAA. This means that you (the premium filer) are informing PBGC about how you intend to pay outside of My PAA. You must subsequently initiate the payment separate from the e-filing and take steps to ensure that the payment is sent timely to PBGC by your bank or payment office. (Note that if a file containing more than one filing is uploaded to PBGC, each filing must be paid separately outside of My PAA):
- Pay via Electronic Funds Transfer - My PAA will provide you with instructions as well as with PBGC's bank routing code and account number for you to pass along to your bank, so your bank can electronically send your ACH or Fed wire payment on your behalf. To ensure that your payment is properly posted, you must reference the plan's 9-digit employer identification number (EIN), 3-digit plan number (PN), and plan year commencing date (PYC) within your electronic funds transfer. Send Electronic Funds Transfer Payments to:
JPMorgan Chase Bank, N.A. ABA: 071000013 Account: 656510666 Beneficiary: PBGC Reference: EIN/PN: XX-XXXXXXX/XXX PYC: MM/DD/YY
- Pay via Paper Check - My PAA will provide you with instructions, the correct mailing address (which is always the most current mailing address), and a printable voucher for you to complete and include with your check payment (if you are submitting one filing). Note that if you forget to print the check voucher during the filing process or if you are uploading a file containing multiple filings and not offered a voucher, you can print a blank check voucher from your Home Page or from our website, e.g., from the Online Premium Filing with My PAA Page.
Complete the requested information (e.g., EIN/PN) and send the voucher with your check. While vouchers assist with the automatic posting of payments, they are not required because all checks (with or without a voucher) must reference the plan's 9-digit employer identification number (EIN), 3-digit plan number (PN), and plan year commencing date (PYC) in order to be properly posted to the plan's account.
Send your check and voucher to one of the following addresses:
If using the U.S. Postal Service:
Pension Benefit Guaranty Corporation
P.O. Box 77000
Detroit, MI 48277-0430
If using other Delivery Services (e.g., FedEx, UPS):
Pension Benefit Guaranty Corporation
JPMorgan Chase Bank, N.A.
9000 Haggerty Road
Mail Code MI1-8244
Belleville, MI 48111