Employee Plans Compliance Unit (EPCU) - Current Projects - Multiemployer Actuarial Certification/WRERA Elections
Pension Protection Act of 2006 imposed additional funding rules for multiemployer plans. Section 432(b)(3) of the Internal Revenue Code requires an Annual Actuarial Certification be made by the plan actuary. This must be completed no later than 90 days after the beginning of the plan year. The determination of Endangered and Critical status is detailed in Section 432(b).
The plan actuary must certify:
Whether the plan is in Endangered status for such plan year
Whether the plan is or will be in Critical status for such plan year
In the case of a plan which is in a funding improvement or rehabilitation period, whether the plan is making the scheduled progress in meeting the requirements of its funding improvement or rehabilitation plan.
The Project Process
The Annual Certifications are being processed and reviewed in EPCU’s Chicago office. The initial concern is to verify all multiemployer plans have filed a certification, and confirm the certifications filed are complete and timely. The EPCU is reviewing the certifications to ensure all required information identified in Section 432 is contained. In subsequent years, any plans that fall into the status of Endangered, Seriously Endangered, or Critical, will be reviewed for follow-up action.
Mail Annual Certifications to:
Internal Revenue Service
Employee Plans Compliance Unit
Group 7602 (TEGE:EP:EPCU)
230 S. Dearborn Street
Room 1700 - 17th Floor
Chicago, IL 60604
If You Have Questions
Please feel free to e-mail us and we will be glad to answer any questions you have about the project and how it relates to your situation. Please include the “Multiemployer Plan Certification” in the Subject line.
WRERA Election Form and Instructions
(Adobe Acrobat is needed to electronically send the form.)
Multiemployer Funding Issues
Spring 2010 article from the Director, EP Examinations.
Notice 2009-42, 2009-20 I.R.B. 1011
This notice modifies Notice 2009-31, 2009-16 I.R.B. 856 which provided guidance to multiemployer plans making elections described in section 204 of the Worker, Retiree, and Employer Recovery Act of 2008, P.L. 110-458 (WRERA). This notice extends the time period for making elections described in section 204 of the WRERA. This notice hereby substitutes “June 30, 2009,” for “April 30, 2009” wherever else it appears in Notice 2009-31.
Employee Benefits Security Administration (EBSA) Field Assistance Bulletin (FAB) 2009-1 provides interim guidance on new disclosure requirements mandated by the Pension Protection Act of 2006; administrators of defined benefit pension plans annually are required to provide participants and others about the funding status of their plans.