Risk Mitigation & Early Warning Program Update and FAQs: In December 2016, PBGC enhanced and reorganized the information available on its Risk Mitigation and Early Warning webpage. We also invited dialogue on the program and encouraged stakeholders to send us questions. In response to stakeholder feedback, we clarified what transactions or events do and do not trigger an Early Warning Program review and posted a new set of Risk Mitigation and Early Warning Program FAQs. (5/10/2017)
A New PBGC.gov! This morning we launched a new PBGC.gov with a cleaner, updated look and feel. Our redesign focused on the user experience, and making it simple for you to find the information you need. We’ve improved the search engine, and we hope that you’ll find the site cleaner and easier to navigate. Whether viewing PBGG.gov on a desktop, laptop, or mobile device, you’ll have the same seamless experience. If you’re a regular visitor to PBGC.gov, don’t worry! Your bookmarks and links will still work on the new site. For a short walkthrough of the new site, view our video. As we continue to improve, we welcome your feedback! Email us at email@example.com with your thoughts and suggestions. (05/05/2017)
My PAA Updates: If you have the plan in your My PAA account (which is highly recommended), you can now view the comprehensive premium filings that were successfully submitted via all e-filing methods (screen-prepared, imported, uploaded). The information includes the premium filing data, the filing's My PAA Confirmation Number (for reporting on the related Form 5500), the status of each submitted filling (e.g., if the filing posted to the plan's account history), and any filing errors/warnings (e.g., if the submitted filing failed any validations). In addition, for in-process screen-prepared and imported filings, more data will be prepopulated and there will be additional validations to help improve accuracy (e.g., if the plan's effective date is inconsistent with the previously-reported date). See Online Premium Filing with My PAA for additional information. (04/24/2017)
2015 Pension Insurance Data Book. Today, PBGC released the first installment of the 2015 Data Book.
This release includes:
- Updated figures for both the summary and claims tables
- An updated Multiemployer Graphical Supplement
PBGC will continue to update the data tables as they become available. Future releases include updated data on guarantee payments and information on plans covered by PBGC. (03/13/2017)
Annual Update of Maximum Civil Monetary Penalty: Federal law requires that PBGC amend its civil penalty regulations annually to incorporate an inflation adjustment on the maximum penalty that may be assessed when plans fail to provide certain required information (e.g., reportable event filings, 4010 filings, certain multiemployer plan notices). Accordingly, on January 31, 2017, PBGC will publish a final rule amending two regulations (29 CFR parts 4071 and 4302).
Although the maximum penalty is increasing, it's worth noting that it is uncommon for PBGC to assess information penalties. The agency's goal is to encourage compliance, not to penalize plans that inadvertently forget to file information. In most cases, when PBGC does assess an information penalty, it is for an amount significantly less than the maximum permitted. (01/30/2017)
4010 e-filing update: The e-4010 module of PBGC's e-filing portal has been updated to reflect the regulatory changes issued last March applicable to information years beginning on or after January 1, 2016 (i.e., filings due on or after April 17, 2017). The e-filing portal is now ready to accept 4010 filings for such years. Additional information and updated versions of the filing requirements (e.g., illustrative form, screenshots) are available on PBGC's 4010 web page. (01/23/2017)
2017 Premium Filings: My PAA is now ready to accept electronic premium filings for plan years beginning in 2017. For additional information, see the following pages: Premium Payment Instructions & Addresses, What's New in My PAA, Online Demos, Online Premium Filing with My PAA page (for FAQs, My PAA User's Manual, etc.). Also, here are a few premium reminders: (01/09/2017)
Verify our website to confirm the payment addresses to use before submitting any payment because addresses are subject to change.
Verify your account number and routing number before paying online via My PAA or Pay.gov to prevent a "returned payment". Also, if your account has an "ACH Debit Block", provide the appropriate PBGC Company ID to your financial institution before you submit your payment so they may authorize PBGC to debit your account.
Update your "bookmarks" to use "https" rather than "http" to improve security when accessing My PAA pages (e.g., the Login Page) because "http" will not work after a transition period of a few months.
A week after we receive your filing, we will send an acknowledgement letter that includes processing results (e.g., amounts due, filing errors, etc.).
2017 Premium Filing Instructions: The Comprehensive Premium Filing Instructions for 2017 Plan Years (including the illustrative form) have been approved by OMB and are now available on PBGC's website. Of particular note is a new chapter about the effect of plan mergers and spinoffs on premium requirements. My PAA will be ready to accept 2017 filings in the very near future. (1/5/2017)
RFI on multiemployer plan two-pool alternative withdrawal liability arrangements: The Pension Benefit Guaranty Corporation is publishing a request for information (RFI) in the Federal Register seeking input on proposed "two-pool" alternative withdrawal liability arrangements. These arrangements involve an alternative method for measuring the withdrawal liability amount and the annual payment amount that an employer would owe the plan. PBGC wants input from the general public and all interested stakeholders, including multiemployer plan participants and beneficiaries, plan sponsors, and employers on these types of actions. For more information, visit our Retirement Matters blog entry and FAQs: Request for Information: Two Pool Withdrawal Liability. To read the full request for information and provide input please visit Requests for Approving Certain Alternative Methods for Computing Withdrawal Liability; Settlement of Withdrawal and Mass Withdrawal Liability. (01/04/2017)