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Employee Plans News - March 20, 2012 - PBGC Insights

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. 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.

Premium filing amendments - On December 22, 2011, PBGC published a policy statement that applies to certain amended premium filings.

Premium e-filing reminders

  • Plan Year 2012: You can access premium filing due dates, addresses, illustrative forms and detailed instructions for plan years beginning in 2012, on the Premium Instructions and Addresses page of our website.
  • E-Filing Options: You can use My PAA to create, sign and submit your filing or use private-sector software to create your filing and then import or upload it to the PBGC. Import means to transfer the filing data into the My PAA editing screens for updating, signing and submission. Upload means to submit an xml file, containing one or more fully completed filings, to the PBGC “as is” (the file is not opened in My PAA). Only screen-prepared filings and imported filings are validated in My PAA and provided a detailed receipt that reflects the filing data submitted.
  • Payments: You may pay premiums through MyPAA or outside of My PAA. To pay them through My PAA, enter your ACH or electronic check information on the My PAA payment screen. PBGC then pulls the funds from your account. For outside of My PAA, select your payment method and initiate the payment by sending a check or requesting your bank to send an electronic funds transfer to the PBGC.
  • Submissions: To complete the e-filing process, click the “submit” button and verify you have received confirmation of the date/time that PBGC received your filing/file.
  • E-Filing Questions: Click the Instruction links on the My PAA screens and review the information on the Online Premium Filing with My PAA page of our website. For premium staff assistance, send an email to or call (800) 736-2444 and select the “premium” option.

ERISA section 4010 filing - The ERISA section 4010 filing due date for the 2011 information year is April 16, 2012. The plan’s contributing sponsor and each member of the sponsor’s controlled group must make a 4010 filing if any of the following conditions are met (assuming no waivers or exemptions apply):

  1. Any plan maintained by a member of the controlled group has a funding target attainment percentage of less than 80%;
  2. Any member of the controlled group fails to make a required payment to a plan and, as a result, conditions for an IRC section 430(k) lien have been met and required payment is not made within 10 days after its due date;
  3. Any plan maintained by a member of the controlled group has been granted one or more minimum funding waivers under IRC section 412(c) totaling in excess of $1 million and any portion of those waivers is still outstanding.

See 4010 Reporting for more information.

Page Last Reviewed or Updated: 10-Feb-2014