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The following questions and answers provide guidance related to plan sponsor obligations and PBGC operations in light of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the COVID-19 pandemic.
As a result of the CARES Act,1 required contributions (including quarterly contributions) that would otherwise be due in 2020 are now due January 1, 2021.
Pension Benefit Guaranty Corporation 90-3 April 24, 1990 RE FERENCE: [*1] 4022 Benefits Guaranteed.>4022A> 4061 Bene fit Payments by PBGC.>29 CFR Par t 2613> OP INION: Your let ter of March 31, 1990, to Secretary of Labor Elizabet h Dole, concerning the security of pension annuitiespurc hased from insurance companies, has been referred to me for a response.
Pension Benefit Guaranty Corporation 77-151 July 21, 1977 RE FERENCE: [*1] 404 4 Allocation of Assets OP INION: Th is concerns a letter to * * * of the Pension Benefit Guaranty Corporation (the "PBGC") from * * *, apart icipant in the terminated * * * (the "Plan"). * * * requested that the PBGC determine whether it is proper for youto cha rge against Plan assets the legal fees arising from termination of the Plan. As I u nderstand the pertinent facts, on * * * you submitted a valid Notice of Intent to Terminate the Plan, and on* * * the PB GC issued a Notice of Sufficiency.
Pension Benefit Guaranty Corporation 93-1 Februa ry 16, 1993 RE FERENCE: [*1] 400 7(a) Payment of Premiums. Due Dates.29 C FR 2610 Declaration and Payment of Premiums.OP INION: I write in res ponse to your letter dated April 27, 1992, requ esting an opinion concerning the payment of premiumsby the Retirement Plan for * * * ("Pension Plan") f or the plan year commencing on March 1, 1992, under Section 4007of the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C.A. § 1307 (West 1985 & Supp.
Pension Benefit Guaranty Corporation 75-31 December 12, 1975 RE FERENCE: [*1] 404 4(a) Allocation of Assets. Requirement of Following Statutory Allocation Provisions OP INION: Th is is a confirmation of your telephone conversation with * * * of my staff on August 29, 1975. * * * of the Pension Benefit Guaranty Corporation (here inafter the "PBGC") telephoned you on July 23, 1975 , andinqui red abo ut the status of the Plan Administrator's compliance wit h our letter of June 11, 1975. The PlanAdministrator, * * * had referred us to you.
Pension Benefit Guaranty Corporation 75-89 Augus t 7, 1975 RE FERENCE: [*1] 4021(b)(1). Plans covered. Individual Account Plans 4041(f). Terminati on by Plan Administrator.
Pension Benefit Guaranty Corporation 86-27 December 17, 1986 RE FERENCE: [*1] 4041(a) Termination by Plan Administrator. Filing of Notice of Intent to Terminat404 7 Restoration of Plans OP INION: Th is is to adv ise you that t he Pension Benefit Guaranty * * * Corporation (the "PBGC") has reviewed those planswhich y ou have represented as those which X Corporat ion * * * seeks to adopt.
Pension Benefit Guaranty Corporation 81-10 May 5, 1981 RE FERENCE: 4021(a) P lans Covered. Requirements of Coverage4022 Benefits Guaranteed404 1(a) Termination by Plan Administrator. Filing of Notice of Intent to Terminate404 4 Allocation of Assets4048 Date of Termination406 2 Liability of Employer in Single Employer Plans OP INION: This is in r eference to your recent letters and teleph one conversations with * * * of my staff regarding the above-refer enced pension plan (the "Plan").
Pension Benefit Guaranty Corporation 87-6 July 15, 1987 RE FERENCE: [*1] 404 1(c)(2)(B)(iii) (SEPPAA) - Unreasonably Burdensome Pension Costs OP INION: We are writi ng to respond to your recent let ter to * * * of PBGC. In your letter, you requested that your clients bepermitt ed to participate in any proceedings befor e the Pension Benefit Guaranty Corporation ("PBGC") regarding the proposed dist ress termination of the above-referenced plan ("Plan") as of January 13, 1987 under Section404 1(c)(2)(B)(iii) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA").
Pension Benefit Guaranty Corporation 80-22 December 16, 1980 RE FERENCE: 4041A Multi employer Termination404 1A(a)(2) Multiemployer Termination. Termination - Mass Withdrawal OP INION: Th is is in response to the Noti ce of Intent to Terminate filed by you on April 21, 1980, as Chairman of the Boardof Admini stration (the "Board") of the Retirement Benefit Plan * * * wi th Certain Commercial Employers (the "Plan"),a multi employer plan.
