Blogging Employee Benefits

June 1, 2006

Electronic Filing of PBGC Premium Declarations

Filed under: PBGC — Fuguerre @ 7:19 am

PBGC premium declarations must be filed electronically, under final regulations published today by the Pension Benefit Guaranty Corporation. [71 FR 31077] For pension plans with at least 500 participants in the plan year beginning in 2005, the electronic filing requirement first applies to filings made on or after July 1, 2006, for plan years beginning in 2006. For all other plans, the requirement first applies to filings for plan years beginning after 2006. The electronic filing requirement does not apply to information submitted in response to a PBGC request in connection with a premium compliance review.

PBGC premium information may be filed electronically either through the agency's online application, "My Plan Administration Account," or by uploading information to the agency through independent private-sector software. Although premium information must be submitted electronically, electronic payment of the premium itself is not yet required.

The PBGC's final electronic filing regulation made various technical corrections and included areas being considered for future enhancements to the My PAA system.

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