By Pension and Benefits Editorial Staff
The Pension Benefit Guaranty Corporation (PBGC) has announced extended deadlines for upcoming premium payments and other filings with the Agency. Due dates for filings or actions that would otherwise have been due on or after April 1, 2020, and before July 15, 2020, have been extended to July 15, 2020. The PBGC states that this action is part of the Administration’s broader efforts to respond to the coronavirus disease 2019 (COVID-19) outbreak, which President Donald J. Trump declared was a national emergency on March 13, 2020.
“PBGC understands the far-reaching effects COVID-19 is having on workers, families, and companies across the country,” PBGC Director Gordon Hartogensis said. “This move will offer flexibilities to deliver relief that many employers and pension plan service providers need during this unprecedented time.”
The PBGC explains that, when the IRS provides relief to employee benefit plans because of a major disaster by delaying the Form 5500 due date, the PBGC’s disaster relief policy provides that many PBGC due dates are similarly extended. The PBGC is providing relief in response to the IRS Notice 2020-23, providing disaster relief that includes a Form 5500 extension (see following story).
The PBGC states that the extended due dates do not apply to particularly important or time-sensitive filings on the “Exceptions List” on PBGC’s Disaster Relief webpage that may indicate a high risk of harm to pension plan participants or the insurance program, but filers may request individual extensions.
The PBGC will continue to monitor circumstances in coordination with other ERISA agencies.
Additional information on the PBGC’s disaster relief policy and efforts is available at https://www.pbgc.gov/coronavirus.
Source: PBGC News Release No. 20-02.
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