Multiemployer Plans - notice and valuation requirements proposed rule - On Jan. 29, 2014, we published a proposed rule that would implement changes to PBGC's multiemployer regulations. The changes were developed as a result of our regulatory review. The proposal would:
- reduce the number of actuarial valuations required for certain small terminated but not insolvent plans,
- shorten the advance notice filing requirements for mergers in situations that do not involve a compliance determination, and
- remove certain insolvency notice and update requirements.
Comments on the proposed rule are due by March 31, 2014.
Premium final rule - On Jan. 3, 2014, we published a final rule moving the flat-rate premium due date for large single-employer and multiemployer plans (500 or more participants) to the variable-rate premium due date for single-employer plans, starting with the 2014 plan year. Large calendar-year plans' 2014 flat-rate premiums will be due Oct. 15, 2014, instead of Feb. 28, 2014. This rule finalizes part of a proposed rule to:
- simplify premium due dates,
- coordinate the premium due date for terminating plans with the termination process,
- make conforming and clarifying changes to the variable-rate premium rules,
- give small plans more time to value benefits,
- grant relief from penalties, and
- make other changes.
We expect to publish a final rule addressing the rest of the proposed rule, post the 2014 premium payment instructions (including illustrative forms) and make MyPAA available for 2014 filings before the first filing deadline of Oct. 15, 2014. Until then, we are not accepting 2014 filings.