On April 3, 2013 at 78 FR 20039, PBGC published a proposed rule to relieve reporting burdens on the majority of companies and plans that pose little risk to pensions. The change would exempt all small plans and the more than 70% of pension plans whose sponsors are financially sound from many requirements. Some reporting requirements like bankruptcy filings would be eliminated because PBGC can get the information from other sources without burdening companies or plans.
The proposal would amend the reportable events regulation (29 CFR Part 4043) to:
- track statutory changes,
- change the scope of some reportable events, and
- replace the existing waiver structure with a new structure including “safe harbors.”
The comment period on the proposed rule closed June 3. We held a hearing June 18.
Missing Participant Program address changes
The lockbox addresses for sending payment of designated benefits and other amounts due missing participants with a completed payment voucher have changed. Filers can find the new addresses for U.S. Postal Service and other mail delivery services, as well as for wire transfers, on page five of our Missing Participants Filing Instructions. The address for sending the Schedule MP (including any required attachments) along with the post-distribution certification hasn’t changed.
Premium filing reminders
- Passwords: My Plan Administration Account (My PAA) passwords must be between 15 and 20 characters without any spaces, contain at least two uppercase and two lowercase characters and contain at least three numbers and three acceptable special characters. If you get locked out after three incorrect tries, call the premium contact center (see the last bullet).
- Payments: If you select to pay online via My PAA, be sure to enter the correct account number and bank routing number and confirm with your bank that PBGC is authorized to transfer money from your account. After the payment processes, confirm that the payment was posted to your plan’s account history. We’ll automatically waive penalties for payment issues resolved within seven days of the due date.
- Filings: When a filing is screen-prepared or imported, if the Filing Manager Page is visible, it means that the filing hasn’t been submitted. To complete the filing and pay premiums, follow the instructions shown on the Filing Manager Page and then view the receipt on the plan page. When a filing is uploaded from third-party software, only the uploader can immediately confirm the filing was submitted (by viewing the upload section of his/her home page). After a filing is submitted, all filing team members who are given the “view account history permission” can view the plan’s account history after a few days to confirm that the filing was properly posted and to see if there are any overpayments or underpayments.
- Filing teams: The plan’s filing coordinator is responsible for keeping the filing team members current by adding and removing team members as changes occur. If a practitioner will no longer use My PAA for any plans, please contact the premium contact center to deactivate the account. PBGC monitors accounts for inactivity, and notifies account holders when unused My PAA accounts are due to be deactivated.
- Premium website information and contact center: For information about how to use My PAA (such as demos and FAQs) please review Online Premium Filing with My PAA on our website. If you have any questions or need assistance, please call 800-736-2444 and select the “premium” option, or send an email to firstname.lastname@example.org. PBGC’s business hours are
8 a.m. to 5 p.m. EDT, Monday through Friday, except federal holidays.