New form requirement for standard and distress terminations
PBGC posted new forms and instructions for standard and distressed terminations (see Plan Terminations). A plan administrator in a standard termination (or a distress termination that closes in the private sector) must now submit, with the post-distribution certification, the most recent plan document and proof of benefit distributions for lump sums paid and annuities purchased with any post-distribution certification filed on or after March 1, 2015. For more information, contact firstname.lastname@example.org or email@example.com.
Premiums for 2015 Plan Years
- Flat-rate Premiums - $57 for single-employer plans and $26 for multiemployer plans.
- Variable Rate Premiums (VRP) for Single-Employer Plans - $24 per $1,000 of unfunded vested benefits which is capped at $418 times the number of participants. Plans sponsored by small employers (generally fewer than 25 employees) may be subject to an even lower cap. See Premium Rates at PBGC.gov for more details.
- Wait to submit those 2015 premium filings. See What’s New for Practitioners, also at PBGC.gov, for My PAA updates to learn when 2015 filings will be allowed.
Deactivation of unused My PAA accounts
- Log into your My PAA account at least once a year or it will be deactivated.
- If you’re no longer using your account, please contact a premium representative to deactivate your account. Send a message to firstname.lastname@example.org or call 800-736-2444 and select “2” for premiums.
- For account details, see the FAQ: “What are the password rules and how do I set up/change my account.”