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PBGC Provides Relief to Mitigate Effects of COVID-19 Pandemic

Allows Additional Time to Pay Premiums, Submit Filings
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PBGC Provides Relief to Mitigate Effects of COVID-19 Pandemic
FOR IMMEDIATE RELEASE
April 10, 2020

WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) today announced extended deadlines for upcoming premium payments and other filings with the agency. Due dates for filings or actions that would otherwise have been due on or after April 1, 2020, and before July 15, 2020, have been extended to July 15, 2020. The action is part of the Administration’s broader efforts to respond to the coronavirus disease 2019 (COVID-19) outbreak, which President Donald J. Trump declared a National Emergency on March 13.

 

“PBGC understands the far-reaching effects COVID-19 is having on workers, families, and companies across the country,” PBGC Director Gordon Hartogensis said. “This move will offer flexibilities to deliver relief that many employers and pension plan service providers need during this unprecedented time.”

 

When the Internal Revenue Service (IRS) provides relief to employee benefit plans because of a major disaster by delaying the Form 5500 due date, PBGC’s disaster relief policy provides that many PBGC due dates are similarly extended. Yesterday, in response to COVID‑19, IRS issued Notice 2020-23, providing disaster relief which included a Form 5500 extension.

 

The extended due dates do not apply to particularly important or time-sensitive filings on the “Exceptions List” on PBGC’s Disaster Relief webpage that may indicate a high risk of harm to pension plan participants or the insurance program, but such filers may request individual extensions.

 

PBGC will continue to monitor circumstances in coordination with other Employee Retirement Income Security Act (ERISA) agencies. Additional information on PBGC’s disaster relief policy and efforts is available at https://www.pbgc.gov/coronavirus.

 

 

About PBGC:

PBGC protects the retirement security of over 35 million American workers, retirees, and beneficiaries in both single-employer and multiemployer private-sector pension plans. The agency’s two insurance programs are legally separate and operationally and financially independent. PBGC is currently responsible for the benefits of about 1.5 million people in failed pension plans and receives no taxpayer dollars. The Single-Employer Insurance Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. The Multiemployer Insurance Program is financed by insurance premiums and investment income. For more information, visit PBGC.gov.

Press Release Number: 
20-02