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What's New for Practitioners Archive

Archived Items Posted in 2012

Expected Retirement Age Update: On November 30, 2012, PBGC published a final rule amending its valuation regulation by substituting a new table for selecting a retirement rate category. The new table applies to any plan being terminated either in a distress termination or involuntarily by the PBGC with valuation date falling in 2013. (11/30/2012)

2013 Maximum Guarantee: On November 27, 2012, PBGC updated the Maximum Monthly Guarantee Tables for 2013. The maximum guaranteeable monthly benefit for 2013 is $4,789.77 (as compared with $4,653.41 for 2012). (11/27/12)

Benefit Restrictions - Present Value of PBGC Maximum Guarantee: On November 21, 2012, PBGC posted a table showing the applicable present values for 2013 plan years. For more information see Technical Update 07-04.

2013 Premium Rates: The "Premium Rates" webpage has been updated to reflect changes resulting from the Moving Ahead for Progress in the 21st Century Act (MAP-21) and to show rates for 2013. (11/02/12)

Notice About Premium Filings: As a service to plan administrators who prepare and submit premium filings, PBGC recently mailed a notice about the upcoming 2013 premium instructions. The notice also includes helpful premium filing reminders. (09/27/12)

Technical Update on 4010 filings under MAP-21: On September 11, 2012, PBGC issued Technical Update 12-2, which provides guidance on the effect of the Moving Ahead for Progress in the 21st Century Act (MAP-21) on annual financial and actuarial information reporting under ERISA section 4010. (09/11/2012)

Technical Update on PBGC premiums under MAP-21: On August 28, 2012, PBGC issued Technical Update 12-1 to provide guidance on how the determination of premiums is affected by the amendments to ERISA section 4006 made by the Moving Ahead for Progress in the 21st Century Act (MAP-21). PBGC expects to issue guidance about MAP-21’s effect on 4010 filings in the near future. (08/28/2012)

My PAA Passwords: Federal information security regulations require us to strengthen the password requirements for My PAA (My Plan Administration Account), which is used by practitioners to electronically file premiums to the PBGC. Stronger passwords will help better protect your personal and business information. The next time you login after the change takes effect (expected no later than August 1, 2012), you will be required to change your password to satisfy the new criteria, e.g., the password must be between 10 and 24 characters and contain at least 1 uppercase character, 1 lowercase character, 1 number and 1 special character. Please note that active account holders will receive an email about the change; and you do not need to rush to change your password. You may continue to access My PAA according to your normal schedule; and My PAA will prompt you to change your password at the appropriate time. If you have any questions, send an email to premiums@pbgc.gov or call the practitioner toll-free number 1-800-736-2444 and select the “premium” option. (06/18/2012)

Administrative Review of Information Penalties: On April 16, 2012, PBGC published a final procedural rule that amends PBGC's administrative review regulation to make assessments of information penalties subject to reconsideration. This rule is associated with retrospective review and analysis in PBGC's Plan for Regulatory Review issued in accordance with Executive Order 13563. The change will promote uniformity and transparency in PBGC's procedures for making and reviewing determinations. (04/16/12)

ERISA Section 4044 Corrections: On March 9, 2012, PBGC published two Federal Register documents that slightly revise its interest assumptions under ERISA section 4044, applicable to valuation dates during the second half of 2011. These minor changes will have little impact on calculations. Relevant postings on the Practitioners page of PBGC.gov have been updated. For ERISA Section 4010 purposes, if you have already calculated benefit liabilities using the originally published interest factors, you do not need to redo those calculations. For questions about 4010 filing requirements, contact the Corporate Finance & Restructuring Department (formerly DISC) at 202-326-4070 or ERISA.4010@pbgc.gov. (03/09/12)

New on PBGC.gov: The website’s Practitioners section now features historical and current information on ERISA Section 4044 Retirement Assumptions. We’ve also reformatted Interest Rates & Mortality Factors into two new pages: Interest Rates and Factors; and Mortality, Retirement and PV Max Guarantee. (03/05/12)

2012 Premium Filings: Both estimated flat-rate filings and comprehensive filings for plan years beginning in 2012 may be electronically submitted via My Plan Administration Account (My PAA). Information about how to e-file via My PAA (e.g., FAQs and Demos) is on the Online premium filing (My PAA) page of our website. The 2012 premium payment instructions (including illustrative forms) are posted to the Premium Instructions and Addresses page of our website. The per-participant flat-rate premium for plan years beginning in 2012 is $35.00 for single-employer plans and $9.00 for multiemployer plans (both unchanged from plan year 2011). (01/09/12)

Archived Items Posted in 2011

Premium Filing Amendments: On December 22, 2011, PBGC published a policy statement that applies to certain amended premium filings. (12/22/11)

Reportable Events; Guidance for 2012 Plan Years: On December 7, 2011, PBGC issued Technical Update 11-1, which extends for 2012 plan years the reportable events guidance provided in Technical Update 10-4. (12/07/11)

Expected Retirement Age Update: On December 1, 2011, PBGC published a final rule amending its valuation regulation by substituting a new table for selecting a retirement rate category. The new table applies to any plan being terminated either in a distress termination or involuntarily by the PBGC with valuation date falling in 2012. (12/1/11)

2012 Maximum Guarantee: On November 23, 2011, PBGC updated the Maximum Monthly Guarantee Tables for 2012. The maximum guaranteeable monthly benefit for 2012 is $4,653.41 (as compared with $4,500 for 2011). (11/23/11)

Benefit Restrictions – Correction to 2012 Present Value of PBGC Maximum Guarantee Table: On November 8, 2011, PBGC posted the 2012 table of present values of the PBGC maximum guarantee for use by single-employer plans subject to the partial lump sum benefit restriction under IRC section 436(d)(3)(A)(ii) of the Internal Revenue Code and ERISA section 206(g)(3)(C)(i)(II) . That table contained a typo for the age 53 amount. The correct amount is $350,817, not $350,917. The 2012 table has been corrected. We apologize for any inconvenience this has caused. (11/22/2011)

Benefit Restrictions - Present Value of PBGC Maximum Guarantee: The Pension Protection Act of 2006 provides that, generally beginning in 2008, single-employer plans that are between 60 and 80 percent funded may not pay lump sums or other accelerated distribution forms with values in excess of: (1) 50 percent of the amount that would be paid absent the restriction or, if smaller (2) the present value of PBGC's maximum guarantee computed under PBGC guidance. Technical Update 07-04 describes the methodology used to determine the present value of PBGC's maximum guarantee and explains that a table will be posted for each calendar year. On November 03, 2011 PBGC posted the 2012 table. (11/03/11)

Form 5500 Schedule H instructions for reporting PBGC premium payments made from plan assets: On November 2, 2011, PBGC responded to an inquiry by the Pension Committee of the American Academy of Actuaries about instructions for reporting PBGC premium payments made from plan assets. For 2009 and 2010 plan years, filers may report that information on either Line 2(i)(4) (other administrative expenses) or Line 2l (transfers of assets). For 2011 plan years, filers will be required to report that information on Line 2(i)(4). PBGC’s response was prepared in coordination with the Department of Labor and the Internal Revenue Service. (11/02/2011)

Cash balance plans proposed rule: On October 31, 2011, PBGC published a proposed rule on terminating cash balance plans and other statutory hybrid plans. The proposed rule, which implements Pension Protection Act of 2006 changes, would apply to plans trusteed by PBGC and plans that terminate in a standard or distress termination. Comments on the proposed rule are due December 30, 2011. (10/31/2011)

No increase in flat-rate premium for plan year 2012: The per-participant flat-rate premium for plan year 2012 is $35 for single-employer plans and $9 for multiemployer plans (both unchanged from plan year 2011). By law, the premium rates are adjusted for inflation each year based on changes in the national average wage index. (10/25/2011)

Notice About Premium Filings: As a service to plan administrators who prepare and submit premium filings, PBGC is mailing a notice about the upcoming 2012 premium instructions along with a My PAA pamphlet. The notice also includes helpful premium filing reminders. (09/19/2011)

Premium Penalty Relief; Alternative Premium Funding Target Election Relief: On September 15, 2011, PBGC published a notice announcing that PBGC is providing relief from certain premium penalties and in certain situations involving alternative premium funding target elections. PBGC is providing this relief in response to comments by premium payers and pension professionals and as a result of its regulatory review under Executive Order 13563 on Improving Regulation and Regulatory Review. (09/15/11)

Plan for Regulatory Review: PBGC has issued its Plan for Regulatory Review. The plan highlights PBGC’s plans to work with its stakeholders and reduce burden in various areas, including reportable events, premiums, and ERISA sections 4010 and 4062(e). PBGC developed the plan in response to Executive Order 13563 on Improving Regulation and Regulatory Review. Executive Order 13563 calls for an “open exchange” of information among government officials, experts, stakeholders, and the public. The public is encouraged to submit comments on PBGC’s review plan on an on-going basis as PBGC engages in its regulatory review or nominate rules to review. Please send comments to regs.comments@pbgc.gov. All comments will be posted on www.pbgc.gov. (08/23/11)

Final Rule on Treating Bankruptcy Filing Date as Plan Termination Date: On June 14, 2011, PBGC published in the Federal Register a final rule that implements a Pension Protection Act of 2006 change to the benefits PBGC pays. Under PPA, when an underfunded pension plan terminates during the bankruptcy of the plan sponsor, the date that the sponsor's bankruptcy petition was filed is treated as the plan's termination date for purposes of determining (1) the amount of benefits PBGC guarantees, and (2) the amount of benefits in priority category 3 in the asset allocation. The statutory change applies if the bankruptcy petition was filed on or after September 16, 2006. The final rule will be effective July 14, 2011. (06/14/11)

Preliminary Plan for Regulatory Review: PBGC’s Preliminary Plan for Regulatory Review is available for public comment. The Preliminary Plan was developed in response to Executive Order 13563 on Improving Regulation and Regulatory Review. Executive Order 13563 calls for an “open exchange” of information among government officials, experts, stakeholders, and the public. PBGC encourages comments as it finalizes its Plan and engages in the regulatory review. Comments, identified by “Regulatory Review”, may be submitted by any of the following methods:

  • Federal eRulemaking Portal: http://www.regulations.gov. Follow the web site instructions for submitting comments.
  • E-mail: reg.comments@pbgc.gov.
  • Fax: 202-326-4224.
  • Mail or Hand Delivery: Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005-4026.

All comments will be posted on www.pbgc.gov. (05/27/11)

Request for Comments on Regulatory Review: On April 1, 2011, PBGC published a Request for Comments on developing a preliminary plan for reviewing its regulations, in response to Executive Order 13563 on Improving Regulation and Regulatory Review. PBGC requests that comments on developing the preliminary plan be submitted by April 20, 2011. There will be additional opportunities for public comment after the preliminary plan is developed and approved. (04/01/11)

Proposed rule on shutdown benefits: On March 11, 2011, PBGC issued a proposed rule to amend its regulation on Benefits Payable in Terminated Single-Employer Plans. The amendments implement section 403 of the Pension Protection Act of 2006, which provides that the phase-in period for PBGC's guarantee of benefits that are contingent upon the occurrence of an "unpredictable contingent event," such as a plant shutdown, starts no earlier than the date of the shutdown or other unpredictable contingent event. Comments on the proposed rule are due May 10, 2011. (03/11/11)

Automated confirmation of e-mails: Starting February 22, 2011, practitioners began receiving automated replies confirming receipt of e-mails sent to PBGC at the following addresses: single-employer.funding.relief.election@pbgc.gov, Post-Event.Report@pbgc.gov, AdvanceReport@pbgc.gov, Form200@pbgc.gov, 4063.report@pbgc.gov, Distress@pbgc.gov, erisa.4010@pbgc.gov, single-employerAFN@pbgc.gov, and multiemployerprogram@PBGC.gov. (02/22/11)

Premium Penalty Relief: A new PBGC policy statement published on February 9, 2012, allows pension plans that have never paid required PBGC premiums to do so without penalty for a limited period of time. After this time period ends, PBGC will step up enforcement efforts against such plans and resume penalty charges. This is an outgrowth of PBGC's ongoing review of its regulations consistent with Executive Order 13563. (02/09/12)

Archived Items Posted in 2010

Single-Employer Plans - Funding Relief Notification to PBGC: On December 17, 2010, IRS issued Notice 2011-3 providing single-employer plan guidance on funding relief under the Pension Relief Act of 2010. Included in this Notice is guidance on how to satisfy the IRC 430(c)(2)(D)(vi) provision requiring sponsors of single-employer plans to inform PBGC if they are electing funding relief. See Q&As N-6 and N-7. The deadline is the later of 30 days after the date the election is made, or January 31, 2011. (12/20/10)

2011 Premium Payment Instructions: The premium payment instructions (including illustrative forms) for both Estimated Flat-rate Filings and Comprehensive Filings for plan year 2011 are posted to the Premium Payment Instructions and Addresses page of our website. My Plan Administration Account (My PAA) is expected to be ready for 2011 premium filings to be prepared and submitted by mid January 2011. (12/16/10)

Reportable Events; Guidance for 2011 Plan Years: On December 3, 2010, PBGC issued Technical Update 10-4, which extends for 2011 plan years the reportable events guidance provided in Technical Update 09-4. PBGC expects to issue a final rule amending its reportable events regulation in 2011. (12/03/10)

Multiemployer Plans - Funding Relief Notification to PBGC: On November 26, 2010, IRS issued Notice 2010-83 providing multiemployer plan guidance on funding relief under the Pension Relief Act of 2010. Included in this Notice is guidance on how to satisfy the IRC 431(b)(8)(E) provision requiring sponsors of multiemployer plans to inform PBGC if they are applying funding relief. See Q&As N-5 and N-6. These Q&As describe the content of the notice to PBGC and provide the addresses for hard and electronic copies. The deadline is the later of 30 days after the date the plan sponsor makes a formal decision to apply the rules, or January 18, 2011. (12/01/10)

Benefit Restrictions – Updated Present Value of PBGC Maximum Guarantee: Although PBGC's maximum guarantee is not increasing for plans terminating in 2011, the present value of the maximum guarantee for purposes of section 436(d)(3)(A)(ii) of the Internal Revenue Code (IRC) and section 206(g)(3)(C)(i)(II) of ERISA is changing for 2011. The assumptions used to determine the present value vary each year. Technical Update 07-04 describes the methodology used to determine the present value and explains that a table will be posted for each calendar year. On October 26, 2010 PBGC posted the 2011 table. (10/26/10).

4062(e) proposed rule comment period extension: On October 20, 2010, PBGC published a Federal Register document extending until November 12, 2010, the period for submitting comments on its proposed rule on ERISA section 4062(e). (10/20/10)

No increase in flat-rate premium for plan year 2011. The per-participant flat-rate premium for plan year 2011 is $35 for single-employer plans and $9 for multiemployer plans (both unchanged from plan year 2010). By law, the premium rates are adjusted for inflation each year based on changes in the national average wage index. (10/19/10)

Notice About Premium Filings: As a service to plan administrators who prepare and submit premium filings, PBGC recently mailed a notice about the upcoming 2011 premium instructions. The notice also includes helpful premium filing reminders. (09/17/10)

4062(e) proposed rule: On August 10, 2010, PBGC published a proposed rule on ERISA section 4062(e), which provides for reporting of and liability for certain substantial cessations of operations by employers that maintain single-employer plans. The proposed rule would provide guidance on whether and when a "section 4062(e) event" occurs, describe the liability that arises and how the liability is satisfied, prescribe recordkeeping requirements, and provide for waivers in appropriate circumstances. PBGC also submitted draft information requirements under the proposed rule to the Office of Management and Budget. Comments on the proposed rule and information requirements are due by October 12, 2010. (08/10/10)

Technical Update on multiemployer plan withdrawal liability: On July 15, 2010, PBGC issued Technical Update 10-3, which provides guidance on simplified methods for the application of the requirement under the Pension Protection Act of 2006 that a multiemployer plan in critical status disregard certain benefit reductions in determining the plan's unfunded vested benefits for purposes of determining an employer's withdrawal liability. (07/15/10)

Technical Update on alternative premium funding target elections: On June 16, 2010, PBGC issued Technical Update 10-2, which makes relief available to plans that intended to elect to use the alternative premium funding target to calculate the variable rate premium but did not check the appropriate box on the comprehensive premium filing, if certain conditions are met. The Technical Update sets forth the scope of the relief and the process for obtaining it. (06/15/10)

Relief in connection with alternative premium funding target elections: PBGC will provide relief to certain plans that used the alternative premium funding target to determine the variable-rate premium, but did not check the appropriate box on the comprehensive premium filing. As explained in a June 7 letter to the leadership of the Senate HELP and Finance Committees (PBGC's two Senate committees of jurisdiction), a plan that intended to elect to use the alternative premium funding target will be deemed to have made a valid election if certain conditions are met (see also May 20 letter from the Senate committees). PBGC will issue a Technical Update shortly setting forth the scope of the relief and the process for obtaining it. (06/08/10)

Form 5500, Schedule R instructions: On June 8, 2010, PBGC issued Technical Update 10-1, which provides guidance on the 2009 instructions to Form 5500 (Annual Return/Report of Employee Benefit Plan), specifically to the instructions for Line 14 of Schedule R (Retirement Plan Information). Line 14 requires multiemployer plans to report the number of inactive participants whose employers have withdrawn from the plan, in connection with Pension Protection Act of 2006 amendments to section 103(f)(2)(C) of ERISA (Annual Reports). Technical Update 10-1 clarifies the "last employer rule" under the Schedule R Instructions and provides reporting relief for the 2009 plan year for "a reasonable approximation" of the number of participants required to be reported (e.g., based on sampling) and an alternative method of compliance based on the number of withdrawn employers. (06/08/10)

2010 Premium Filings: Both Estimated Flat-rate filings and Comprehensive filings for plan years beginning in 2010 may now be electronically submitted via My Plan Administration Account (My PAA). Information about how to e-file via My PAA (e.g., FAQs and Demos) is on the Online premium filing (My PAA) page of our Web site. The 2010 premium payment instructions (including illustrative forms) now include both the Estimated Flat-rate filing and Comprehensive filing and are posted to the Premium Instructions and Forms page of our Web site. The per-participant flat-rate premium for plan years beginning in 2010 is $35.00 for single-employer plans (up from $34.00 for plan year 2009) and $9.00 for multiemployer plans (unchanged from plan year 2009). By law, the premium rates are adjusted for inflation each year based on changes in the national average wage index (see PBGC December 1 Notice). (01/04/10)

Archived Items Posted in 2009

Reportable Events and Form 200; draft information requirements: The draft information requirements submitted to the Office of Management and Budget in connection with PBGC's pending proposed rule on Reportable Events are now available on PBGC's Web site. PBGC has posted the information that would be required (under the proposed rule) to be reported on Form 10, Form 10-A, and Form 200 and the corresponding draft instructions. (12/04/09)

Expected Retirement Age: On December 1, 2009, PBGC published a final rule amending its valuation regulation by substituting a new table for selecting a retirement rate category. The new table applies to any plan being terminated either in a distress termination or involuntarily by the PBGC with a valuation date falling in 2010. (12/01/09)

Flat-Rate Premiums: On December 1, 2009, PBGC published a notice stating that the per-participant flat-rate premium for single-employer plans for plan year 2010 is $35.00 (up from $34.00 for Plan Year 2009) and $9.00 (unchanged from Plan Year 2009) for multiemployer plans. By law, the premium rates are adjusted for inflation each year based on changes in the national average wage index. The notice states that no further flat premium rate notices will be published in the Federal Register and tells the public where to find flat premium rates on its Web site. (12/01/09)

Maximum Guaranteeable Benefit: On December 1, 2009, PBGC published a final rule removing the maximum guarantee table from its benefit payment regulation and telling the public where to find maximum guaranteeable benefits on its Web site. The maximum guaranteeable monthly benefit for 2010 is $4,500.00 (unchanged from 2009). (12/01/09)

Benefit Restrictions - Present Value of PBGC Maximum Guarantee: The Pension Protection Act of 2006 provides that, generally beginning in 2008, single-employer plans that are between 60 and 80 percent funded may not pay lump sums or other accelerated distribution forms with values in excess of: (1) 50 percent of the amount that would be paid absent the restriction or, if smaller (2) the present value of PBGC's maximum guarantee computed under PBGC guidance. Technical Update 07-04 describes the methodology used to determine the present value of PBGC's maximum guarantee and explains that a table will be posted for each calendar year. On November 23, 2009 PBGC posted the 2010 table. (11/25/09)

Irrevocable Commitments; Request for Public Comment. On November 23, 2009, PBGC published in the Federal Register a request for public comment on purchases of irrevocable commitments to provide plan benefits before initiating a standard termination under ERISA section 4041. PBGC is seeking guidance from the public on such issues as the extent to which such purchases of irrevocable commitments violate statutory and regulatory termination requirements, safeguards for participants and beneficiaries, and sanctions for violations. Comments are due by January 22, 2010. (11/23/09)

Reportable Events; Proposed Rule; Guidance for 2010 Plan Years: On November 23, 2009, PBGC published in the Federal Register a proposed rule that would conform PBGC’s reportable events regulation under section 4043 of ERISA and several other PBGC regulations to statutory and regulatory changes resulting from the Pension Protection Act of 2006. The proposed rule would also eliminate most of the automatic waivers and filing extensions, add two new reportable events, and make some other changes and clarifications. Comments on the proposed rule are due by January 22, 2010. In connection with the publication of the proposed rule, PBGC is submitting for review by the Office of Management and Budget a request for approval of changes to the reporting requirements under Part 4043. The draft forms and instructions will be available on PBGC’s Web site shortly. Also on November 23, 2009, PBGC issued Technical Update 09-4, which extends guidance provided in Technical Update 09-1 and Technical Update 09-3 for 2010 plan years. PBGC expects to supersede the guidance in Technical Update 09-4 with a final rule amending the reportable events regulation sometime during 2010. (11/23/09)

Final rule on USERRA Benefits Under Title IV. On November 17, 2009, PBGC published in the Federal Register a final rule that amends PBGC's benefit payments regulation to implement provisions of the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA). USERRA provides that an individual who leaves a job to serve in the uniformed services is generally entitled to reemployment by the previous employer and, upon reemployment, to receive credit for benefits, including employee pension plan benefits, that would have accrued but for the employee's absence due to the military service.

Under PBGC's current benefit payments regulation, a benefit is guaranteed only if the participant satisfies the conditions for entitlement to the benefit on or before the plan's termination date. The final rule provides that so long as a service member is reemployed within the time limits set by USERRA, even if the reemployment occurs after the plan's termination date, PBGC will treat the service member as having satisfied the reemployment condition as of the termination date. This will ensure that the pension benefits of reemployed service members, like those of other employees, will generally be guaranteed for periods up to the plan's termination date.

The final rule will be effective December 17, 2009. The change will apply to reemployments under USERRA initiated on or after December 12, 1994. Once the final rule is effective, PBGC will begin adjusting final benefit determinations of affected participants and make back payments with interest. (11/17/09)

Flat-Rate Premium Increase for Plan Year 2010: The per-participant flat-rate premium for plan year 2010 is $35.00 for single-employer plans (up from $34.00 for plan year 2009) and $9.00 for multiemployer plans (unchanged from plan year 2009). By law, the premium rates are adjusted for inflation each year based on changes in the national average wage index. (10/16/09)

Proposed rule on USERRA Benefits Under Title IV: On July 29, 2009, PBGC published in the Federal Register a proposed rule that would amend PBGC's benefit payments regulation to implement provisions of The Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA). USERRA provides that an individual who leaves a job to serve in the uniformed services is generally entitled to reemployment by the previous employer and, upon reemployment, to receive credit for benefits, including employee pension plan benefits, that would have accrued but for the employee's absence due to the military service. Comments on the proposed rule must be submitted by September 28, 2009.

Under PBGC's current benefit payments regulation, a benefit is guaranteed only if the participant satisfies the conditions for entitlement to the benefit on or before the plan's termination date. The proposed rule would provide that so long as a service member is reemployed within the time limits set by USERRA, even if the reemployment occurs after the plan's termination date, PBGC would treat the service member as having satisfied the reemployment condition as of the termination date. This would ensure that the pension benefits of reemployed service members, like those of other employees, would generally be guaranteed for periods up to the plan's termination date. The change would apply to reemployments under USERRA initiated on or after December 12, 1994.

PBGC will immediately take the proposed rule provisions into account in paying estimated benefits to participants who enter pay status and in making new benefit determinations, dependent on PBGC having the necessary information. Once the final rule is effective (30 days after publication), PBGC will begin adjusting final benefit determinations of affected participants and make back payments with interest. (07/29/09)

Practitioners Page Updated: On May 18, 2009, PBGC made two changes to the Reporting and Disclosure section of the Practitioners page on PBGC's Web site. First, the Reportable Events and Large Unpaid Contributions Web page was restructured and improved so that detailed guidance on ERISA section 4043 reporting, including forms and instructions, Technical Updates, and Blue Book questions, can be found in one place. Second, there now is a link to information on the DOL/EBSA Annual Funding Notice under ERISA section 101(f), applicable to plan years beginning on or after January 1, 2008. (05/18/09)

Small Plan Reporting Relief for Missed 2009 Quarterlies: On April 30, 2009, PBGC issued Technical Update 09-3, which provides relief from part 4043 reporting requirements if a required quarterly contribution for the 2009 plan year is not timely made to a plan, and the failure to make the contribution is not motivated by financial inability. The Technical Update waives reporting in such cases if the plan has fewer than 25 participants and provides a simplified reporting requirement if the plan has at least 25 but fewer than 100 participants. (04/30/09)

4010 Reporting - Alternative Form-of-Payment Assumption for Determining Benefit Liabilities: On March 25, 2009, PBGC issued Technical Update 09-2, which allows 4010 filers to determine benefit liabilities for 4010 reporting purposes using the form of payment assumption described in 29 CFR § 4044.51 (generally an annuity form of payment). This is an alternative to the form-of-payment-assumption under § 4010.8(d)(2)(i) of PBGC's final regulation on 4010 reporting, which requires filers to use the form-of-payment assumption for determining the minimum required contribution. (03/25/09)

4010 Filings: The e-4010 filing application and related materials have been updated to reflect changes in the March 16, 2009 final rule. The application is now available to accept post-Pension Protection Act of 2006 filings. (03/20/09)

4010 Final Rule: On March 16, 2009, PBGC published a final rule that amends its regulation on Annual Financial and Actuarial Information Reporting (29 CFR part 4010). The final rule implements Pension Protection Act of 2006 changes to ERISA section 4010 and makes other modifications and clarifications to the reporting requirements. PBGC expects to update the e-4010 filing application and related materials (e.g., filing instructions) within a few days. Until the application is updated, filers should not attempt to enter data for post-PPA filing; such data will be lost when the application is updated. However, first-time filers may log on to the application to set up an account and familiarize themselves with the application, through http://www.pbgc.gov/practitioners/reporting-and-disclosure/content/page14529.html. The first filings under the new rules are due April 15, 2009. (03/16/09)

Single-employer plan Annual Funding Notices: Under section 101(f) of ERISA and guidance issued by the Department of Labor, starting with plan years beginning on or after January 1, 2008, single-employer plans with liabilities that exceed plan assets by $50 million or more must provide PBGC with a copy of the Annual Funding Notice by the Annual Funding Notice due date. Single-employer plans with liabilities that exceed plan assets by less than $50 million must provide PBGC with a copy of the Annual Funding Notice within 30 days of receiving a written request from PBGC. See Department of Labor Field Assistance Bulletin No. 2009-01 (Feb. 10, 2009), http://www.dol.gov/ebsa/pdf/fab2009-1.pdf.

Single-employer plans required to provide PBGC with a copy of the Annual Funding Notice should e-mail it to single-employerAFN@pbgc.gov, or send it to:

PBGC
ATTN: Single-Employer AFN Coordinator
1200 K Street, NW, Suite 270
Washington, DC 20005-4026

For more information on reporting and disclosure requirements under section 101(f) of ERISA, including a model notice, see http://www.dol.gov/ebsa/. For questions on PBGC requirements regarding the Annual Funding Notice, call 202-326-4070 or e-mail single-employerAFN@pbgc.gov. (03/13/09)

Practitioner Filing Reminders Now Available: In response to customer requests, PBGC can now send automatic e-mails to help practitioners remember filing deadlines. To sign up for one or more PBGC filing reminder(s), visit the Practitioner Filing Reminders Web page, click on the month(s) that you would like to receive a reminder and enter your e-mail address. PBGC will send a filing reminder to your e-mail address by the third workday of each month you select. (03/6/09)

No Missed-Quarterly Waiver for 2009: PBGC is not granting an automatic waiver for 2009 of the requirement to notify PBGC of missed quarterly contributions under section 4043 of ERISA and PBGC's reportable events regulation (29 CFR Part 4043). Automatic waivers have been granted by Technical Update for 2008 and prior years where the employer had 100 or fewer participants covered by its plans, or had between 100 and 500 participants covered by its plans and had missed contributions to a plan that was well-funded. PBGC's experience is that many plans that did not report missed quarterlies because of the automatic waiver later terminated with unfunded liabilities, and that if missed-quarterly reports had been made, PBGC might have been able to work with plan sponsors to avoid the underfunded terminations. PBGC will still grant case-by-case waivers where appropriate. (02/20/09)

Notice To Defined Benefit Plans Concerning Funds Invested With Bernard L. Madoff Investment Securities LLC: Concerning pension plans that may have suffered investment losses due to the failure of Bernard L. Madoff Investment Securities LLC, PBGC reminds sponsors of single-employer plans that will be unable to pay benefits when due: ERISA section 4043 requires them to notify the agency within 30 days. Trustees of multiemployer plans who believe benefits will not be paid must also carry out their Title IV responsibilities, including PBGC notification. Additional information is available in the press release. (02/09/09)

Reportable Events: Funding-Related Determinations for Threshold Test, Waivers, and Extensions; Effect of the Pension Protection Act of 2006; Guidance for 2009 Plan Years: On January 9, 2009, PBGC issued Technical Update 09-1 , which provides guidance on the applicability of changes made by the Pension Protection Act of 2006 as they relate to PBGC's Reportable Events regulation (29 CFR part 4043). Technical Update 09-1 provides basically that for Reportable Events purposes, a plan's unfunded vested benefits and the value of its assets and vested benefits are determined for a plan year beginning in 2009 in the same manner as for premiums for the preceding plan year. See Technical Update 07-2 for Reportable Events guidance for 2008 plan years. (01/09/09)

2009 Premium Filings: The inflation adjusted flat premium rate is $34.00 per participant for single-employer plans. The flat premium rate for multiemployer plans is $9.00 per participant. Information about how to e-file via My PAA (e.g., FAQs and Demos) is on the Online premium filing (My PAA) page of our Web site. The premium payment instructions (including illustrative forms) for both Estimated Flat-rate Filings and Comprehensive Filings for plan year 2009 are posted to the Premium Instructions and Forms page of our Web site. (12/08 & 01/09)

Archived Items Posted in 2008

Minimum Lump Sum Assumptions for Terminating Single-Employer Plans; Pension Protection Act of 2006: On December 31, 2008, PBGC issued Technical Update 08-4 , which provides guidance on minimum lump sum assumptions for plans that terminate in standard terminations (and in certain distress terminations) after the effective date of PPA 2006 changes to interest and mortality assumptions for minimum lump sums in ongoing plans. Among other things, Technical Update 08-4 addresses situations where a plan terminates in a plan year before the PPA 2006 interest rate basis is fully phased in and pays lump sums in a subsequent plan year. See Technical Update 07-3 for guidance on minimum lump sum assumptions for plans that terminate before the effective date of the PPA 2006 changes. (12/31/08)

Multiemployer Withdrawal Liability Final Rule: On December 30, 2008, PBGC published in the Federal Register a final rule that implements changes under the Pension Protection Act of 2006 (PPA 2006) to the withdrawal liability methods for multiemployer plans and makes other changes to the multiemployer program under PBGC's regulatory authority. For example, the rule implements the PPA 2006 "fresh start" option for determining withdrawal liability. (12/30/08)

Benefit Restrictions - Present Value of PBGC Maximum Guarantee: The Pension Protection Act of 2006 provides that, generally beginning in 2008, single-employer plans that are between 60 and 80 percent funded may not pay lump sums or other accelerated distribution forms with values in excess of: (1) 50 percent of the amount that would be paid absent the restriction or, if smaller (2) the present value of PBGC's maximum guarantee computed under PBGC guidance. Technical Update 07-04 describes the methodology used to determine the present value of PBGC's maximum guarantee and explains that a table will be posted for each calendar year. On December 22, 2009 PBGC posted the 2009 table. (12/22/08)

ERISA Section 4010 Filing Waiver: On December 19, 2008, PBGC issued Technical Update 08-3, which waives the filing under ERISA section 4010 for information years beginning on or after January 1, 2008 if: (1) the sole reason reporting would otherwise be required is because one or more plans sponsored by members of the filer's controlled group have a funding target attainment percentage of less than 80 percent; and (2) the aggregate underfunding for plans sponsored by members of the filer's controlled group is less than $15 million. This waiver is identical to a waiver in PBGC's proposed rule that would amend PBGC's regulation on Annual Financial and Actuarial Information Reporting (29 CFR part 4010). PBGC expects to issue a final rule in early 2009. PBGC issued Technical Update 08-3 pending issuance of the final rule so that potential filers can make informed decisions about elections to waive carryover balances, which, for many plans, are due by year-end. (12/19/08)

Expected Retirement Age Update: On December 1, 2008, PBGC published a final rule amending its valuation regulation by substituting a new table for selecting a retirement rate category. The new table applies to any plan being terminated either in a distress termination or involuntarily by the PBGC with valuation date falling in 2009. (12/01/08)

2009 Maximum Guarantee: On December 1, 2008, PBGC published a final rule amending its benefits payment regulation by updating the maximum guaranteeable monthly benefit table for 2009. The maximum guaranteeable monthly benefit for 2009 is $4,500.00 (as compared with $4,312.50 for 2008). (12/01/08)

Flat-Rate Premium Increase for Plan Year 2009: On December 1, 2008, PBGC published a notice stating that the per-participant flat-rate premium for single-employer plans for plan year 2009 is $34.00 (up from $33.00 for Plan Year 2008) and $9.00 (unchanged from Plan Year 2008) for multiemployer plans. By law, the premium rates are adjusted for inflation each year based on changes in the national average wage index. (12/01/08)

Disclosure of Termination Information Final Rule: On November 18, 2008, PBGC published a final rule to implement section 506 of the Pension Protection Act of 2006, which amends sections 4041 and 4042 of ERISA. These amendments require that plan administrators, plan sponsors, and PBGC disclose certain information in connection with distress terminations or PBGC-initiated terminations to affected parties upon request. (11/18/08)

Flat-Rate Premium Increase for Plan Year 2009: The per-participant flat-rate premium for single-employer plans for plan year 2009 is $34.00 (up from $33.00 for Plan Year 2008) and $9.00 (unchanged from Plan Year 2008) for multiemployer plans. By law, the premium rates are adjusted for inflation each year based on changes in the national average wage index. (10/21/08)

2008 Premium Filings: For plan years beginning in 2008, both Comprehensive and Estimated Flat-rate Filings can now be electronically filed via our premium e-filing application called My Plan Administration Account (My PAA). For details about the information that must be submitted in the 2008 Comprehensive Filing, refer to the Comprehensive Filing instructions that are on our Web site. For information about how to e-file, review the My PAA Page (e.g., FAQs, E-Filing Tips and User Demos). Note that the earliest Comprehensive Filing due date for 2008 calendar year plans is October 15, 2008. (7/25/08)

Administrative Review of Agency Decisions Final Rule: On July 3, 2008, PBGC published a final rule that amends its regulation on Rules for Administrative Review of Agency Decisions (29 CFR part 4003) to clarify that the agency's Appeals Board may refer certain categories of appeals to other PBGC departments for a written response and to make other minor changes in the rules. (07/03/08)

Proposed Rule on Treating Bankruptcy Filing Date as Plan Termination Date: On July 1, 2008, PBGC published in the Federal Register a proposed rule that would implement a Pension Protection Act of 2006 change to the benefits PBGC pays. Under PPA 2006, when an underfunded pension plan terminates during the bankruptcy of the plan sponsor, the date that the sponsor's bankruptcy petition was filed is treated as the plan's termination date for purposes of determining (1) the amount of benefits PBGC guarantees, and (2) the amount of benefits in priority category 3 in the asset allocation. The statutory change applies if the bankruptcy petition was filed on or after September 16, 2006. Comments on the proposed rule are due September 2, 2008. (07/01/08)

PBGC Publishes Final Rule Amending Its Bylaws: On May 23, 2008, PBGC published in the Federal Register a final rule that amends PBGC's bylaws. The bylaws define the roles of the new statutory Director, the Board, and the Board Representatives. (05/23/08)

PBGC Form 200 questions: On April 15, 2008, the Treasury Department and the Internal Revenue Service published proposed regulations providing guidance on the determination and payment of minimum required contributions under the new funding rules enacted as part of the Pension Protection Act of 2006. The new regulations are proposed to be effective for plan years beginning on or after January 1, 2009, but plan sponsors may rely upon them for plan years beginning in 2008. For a calendar year plan required to make quarterly installments, the first installment for the 2008 plan year was due April 15, 2008. Whenever there is a failure to make a required payment and the total of unpaid balances including interest exceeds $1 million, the plan sponsor must file PBGC Form 200 (Notice of Failure to Make Required Contributions) within 10 days of the due date for the required payment. Sponsors with questions about PBGC Form 200 filing requirements should contact Scot McCulloch of PBGC's Department of Insurance Supervision and Compliance, at (202) 326-4070 x 3033 or mcculloch.scot@pbgc.gov. (04/16/08)

Waiver for Small Employer Reporting of Missed Quarterly Contributions: On March 24, 2008, PBGC issued Technical Update 08-2, which waives reporting under PBGC's reportable events regulation of missed quarterly contributions for plan years beginning in 2008 for certain small employers. (3/24/08)

VRP Final Rule Published; 2008 Premium Filings. On March 21, 2008, PBGC published a final rule to amend PBGC's regulations on Premium Rates and Payment of Premiums. The amendments implement provisions of the Pension Protection Act of 2006 that change the variable-rate premium for plan years beginning on or after January 1, 2008, and make other changes to the regulations. The related premium instructions for 2008 final e-filings (now called Comprehensive Filings) have been updated to incorporate this final rule and have been posted to our Web site. Conforming changes will be made to My Plan Administration Account (My PAA) in sufficient time for the first Comprehensive Filings. The earliest Comprehensive Filing due date for calendar year plans in 2008 is October 15, 2008. Please note that for 2008, only Estimated Flat-rate Premium Filings are allowed to be e-filed at this time via My PAA. (3/21/08) .

4010 filing deadline extension: On February 21, 2008, PBGC issued Technical Update 08-1, which grants an automatic one-day extension of the 4010 filing deadline where the 105-day reporting period includes February 29, 2008. See section 4010 of ERISA and 29 CFR part 4010. For example, for a calendar year filer, this Technical Update extends the filing deadline from Monday, April 14, 2008 to Tuesday, April 15, 2008. (2/21/08)

Proposed rule on Annual Financial and Actuarial Information Reporting (ERISA section 4010): On February 20, 2008, PBGC published in the Federal Register a proposed rule that would implement changes to PBGC's regulation on annual financial and actuarial information reporting (part 4010) as required under the Pension Protection Act of 2006. The proposed rule, which would provide guidance on how to determine whether a 4010 filing is required under the PPA 2006 changes, would waive reporting in certain cases for controlled groups with aggregate underfunding of $15 million or less. It also would specify that the new rules are applicable to information years beginning after 2007; modify the standards for determining which plans are exempt from reporting actuarial information; revise the actuarial information requirements to conform with other PPA changes; and provide other clarifications. The first reports under the new rules would generally be due April 15, 2009. Comments on the proposed rule are due April 21, 2008. (2/20/08)

VRP Interest Rates under PPA: On January 15, 2008, PBGC posted the variable-rate premium interest rates for plan years beginning in January 2008 on its Web site. This is the first set of rates under the new interest rate methodology established by the Pension Protection Act of 2006 for determining the present value of vested benefits for purposes of the variable-rate premiums. (01/15/08)

PBGC Discontinuing Routine Federal Register Notices of Interest Rates: On January 15, 2008, PBGC published a notice informing the public that the routine Federal Register notices of PBGC interest rates and assumptions to be used under parts 4006, 4007, 4062, 4219, and 4281 of PBGC regulations have been discontinued. These include the variable rate premium interest rates . These rates and assumptions are published elsewhere (or can be derived from rates published elsewhere) and are also available in the Interest Rates section of the Practitioners page on PBGC's Web site, www.pbgc.gov. (01/15/08)

Archived Items Posted in 2007

Premium Final Rule: On December 17, 2007, PBGC published a final rule amending PBGC's premium regulations to implement certain provisions of the Deficit Reduction Act of 2005 and the Pension Protection Act of 2006 that are effective beginning in 2006 or 2007. The provisions that are implemented by this rule change the flat premium rate, cap the variable-rate premium for plans of certain small employers, and create a new "termination premium" that is payable in connection with certain distress and involuntary plan terminations. (12/17/07)

Benefit Restrictions - Present Value of PBGC Maximum Guarantee: The Pension Protection Act of 2006 provides that, generally beginning in 2008, single-employer plans that are between 60 and 80 percent funded may not pay lump sums or other accelerated distribution forms with values in excess of: (1) 50 percent of the amount that would be paid absent the restriction or, if smaller (2) the present value of PBGC's maximum guarantee computed under PBGC guidance. On December 17, 2007, PBGC posted a table showing the present value of PBGC's maximum guarantee for 2008 and issued Technical Update 07-04 providing information on how the table was developed and how it should be used. (12/17/07)

Transitional Guidance on 4010 and 4043 Reporting Requirements: On November 28, 2007, PBGC issued Technical Update 07-2, providing guidance on the applicability of changes made by the Pension Protection Act of 2006 (PPA 2006) as they relate to PBGC's regulations on Annual Financial and Actuarial Information Reporting (29 CFR part 4010) and Reportable Events and Certain Other Notification Requirements (29 CFR part 4043). For example, the Technical Update states that PBGC interprets the PPA 2006 amendments to ERISA section 4010 as applying to information years beginning after 2007, which means that the $50 million gateway test is still used to determine whether a 4010 filing is required for information years beginning in 2007. In addition, the Technical Update provides guidance on how to determine vested benefits and UVBs for purposes of reporting waiver requirements and the advance notice filing threshold test under part 4043 for event years beginning in 2008. The PBGC revised this Technical Update on December 7, 2007 (corrected December 15, 2007). (12/15/07)

Disclosure of Termination Information Proposed Rule: On December 5, 2007, PBGC published a proposed rule to implement section 506 of the Pension Protection Act of 2006, which amends sections 4041 and 4042 of ERISA. These amendments require that a plan administrator disclose information it has submitted to PBGC in connection with a distress termination filing, and that a plan administrator or plan sponsor disclose information it has submitted to PBGC in connection with PBGC-initiated termination. The new provisions also require PBGC to disclose the administrative record in a PBGC-initiated termination. The disclosures must be made to an affected party upon request. Comments on the proposed rule are due February 4, 2008. (12/05/07)

Minimum Lump Sum Assumptions for Terminating Single-Employer Plans; Pension Protection Act 2006: On December 3, 2007, PBGC issued Technical Update 07-3 , which provides guidance on lump sum calculation issues for single-employer plans that terminate in standard terminations (and in certain distress terminations) pursuant to ERISA section 4041. In particular, the Technical Update provides that if a plan terminates before the effective date of Pension Protection Act of 2006 changes to the interest rate and mortality table used in determining minimum lump sum values, the pre-PPA assumptions apply for determining lump sum payments made on or after that effective date. (12/03/07)

Expected Retirement Age Update: On November 30, 2007, PBGC published a final rule amending its valuation regulation by substituting a new table for selecting a retirement rate category. The new table applies to any plan being terminated either in a distress termination or involuntarily by the PBGC with valuation date falling in 2008. (11/30/07)

2008 Maximum Guarantee: On November 30, 2007, PBGC published a final rule amending its benefits payment regulation by updating the maximum guaranteeable monthly benefit table for 2008. The maximum guaranteeable monthly benefit for 2008 is $4,312.50 (as compared with $4,125 for 2007). (11/30/07)

Notice of Revisions to 2008 Form 5500: On November 16, 2007, the Department of Labor, the Department of Treasury, and PBGC published a Notice of Adoption of Revisions to Annual Return/Reports in the Federal Register, at 72 FR 64731. The Notice contains revisions required by the Pension Protection Act of 2006 to the Form 5500 Annual Return/Report forms that are filed for employee benefit plans under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code. Some of the forms revisions will apply on a transitional basis for the 2008 reporting year. All of the forms revisions, including a new Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan, will be fully implemented for the 2009 reporting year as part of the switch under the ERISA Filing Acceptance System (EFAST) to a wholly electronic filing system (EFAST2). (11/16/07)

Rules for Administrative Review of Agency Decisions Proposed Rule: On October 18, PBGC published a proposed rule that would amend its regulation on Rules for Administrative Review of Agency Decisions (29 CFR part 4003) to clarify that the agency's Appeals Board may refer certain categories of appeals to other PBGC departments for a written response and to make other changes. Public comments on the proposed rule are due December 17, 2007. (10/18/07)

Significant Guidance Documents: PBGC has added a link for Significant Guidance Documents under Laws, Regulations & Informal Guidance. This new page meets the requirements set under the Office of Management and Budget's "Final Bulletin for Good Guidance Practices," which requires that each agency maintain a list of current significant guidance documents on its Web site, with links to each document. Most of PBGC's significant guidance documents are already on the Web site under separate headings. The documents will remain under those headings but are now also accessible from one page reached by the new link. Significant guidance documents that are issued in the future will be added to the new page not later than 30 days after they are issued. (8/07/07)

Variable Rate Premium Proposed Rule: On May 31, 2007, PBGC published a proposed rule to amend PBGC's regulations on Premium Rates and Payment of Premiums. The amendments would implement provisions of the Pension Protection Act of 2006 that change the variable-rate premium for plan years beginning on or after January 1, 2008, and make other changes to the regulations. Public comments on the proposed rule are due by July 30. (5/31/07)

Premium Proposed Rule: On February 20, 2007, PBGC published a proposed rule to amend PBGC's premium regulations to implement certain provisions of the Deficit Reduction Act of 2005 and the Pension Protection Act of 2006 that are effective beginning in 2006 or 2007. The provisions that would be implemented by this rule change the flat premium rate, cap the variable-rate premium for plans of certain small employers, and create a new "termination premium" that is payable in connection with certain distress and involuntary plan terminations. Public comments on the proposed rule are due by April 23. (2/22/07)

Technical Update 07-1: On February 13, 2007, PBGC issued Technical Update 07-1, Effect of Treasury Mortality Tables on PBGC Requirements, which provides guidance on how the establishment by the Secretary of the Treasury of new mortality tables for determining current liability affects premium calculations and other PBGC requirements (in particular, reporting requirements under ERISA sections 4010 and 4043). The PBGC modified this technical update on February 15, 2007, to make minor changes and to state under section III.C. that for advance reporting of a reportable event with an effective date in a plan year beginning in 2007, the fair market value of assets is used to determine whether a company is subject to advance reporting. (02/15/07)

2007 Premium Filings:

  • Electronic Filing Required - All premium filings for plan years beginning on or after 1/1/2007 must be submitted electronically to PBGC. As of July 1, 2006, large plans (those with 500 or more participants in the prior year) have been required to e-file for plan years beginning on or after 1/1/2006.
  • My PAA - PBGC's e-filing application, My Plan Administration Account (My PAA), has been updated to allow the preparation/submission of all types of 2007 Filings. Click here to access information about My PAA, including how to get started, answers to frequently asked questions, and online "demos."
  • Flat-rate Premium Increase - The flat-rate premium for plan year 2007 is $31.00 per participant (up from $30.00 for 2006) for single-employer plans and $8.00 (no change from 2006) per participant for multi-employer plans.
  • Assumptions/Methodology for Calculating VRP - As a result of the new IRS current liability mortality table, the assumptions and methods underlying the variable-rate premium calculation have changed. The Required Interest Rate increases from 85% to 100% of the corporate bond rate and the market value of assets should be used instead of actuarial value.
  • Maximum VRP - Beginning with plan year 2007, the variable-rate premium is capped for certain plans maintained by small employers. The cap applies to a plan if the aggregate number of employees of the contributing sponsor of the plan and all members of their controlled group is 25 or fewer. For these plans, the variable-rate premium is capped at a per-participant rate of $5 multiplied by the number of plan participants. For example, if the participant count is 20, the cap on the variable-rate premium is $2,000 [($5 x 20) x 20]. (02/12/07)

Mortality Assumptions: New mortality assumptions for PBGC's missing participants regulation will be effective for plans terminating on or after February 27, 2007. On December 14, 2006, the PBGC published in the Federal Register a direct final rule updating the missing participant mortality assumptions under part 4050 of the PBGC's regulations to conform to amendments made to part 4044 (Allocation of Assets in Single-employer Plans), which were published in the Federal Register on December 2, 2005. The rule also contained a minor conforming amendment to the mortality assumptions in part 4281(Duties of Plan Sponsor Following Mass Withdrawal). The direct final rule provided that it would become effective on February 27, 2007, unless the PBGC were to receive significant adverse comment by January 16, 2007. No comments were received. (01/25/07)

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