Pension & Benefits News PBGC requests comments on information collection for payment of premium regs
Monday, November 25, 2019

PBGC requests comments on information collection for payment of premium regs

By Pension and Benefits Editorial Staff

The PBGC is requesting that the Office of Management and Budget (OMB) approve a modification of a collection of information under its regulations on the payment of premiums. The PBGC is asking the OMB to approve the revised information collection for three years.

The PBGC is modifying the 2020 premium filing and instructions to require that plans offering a lump-sum window separately report the number of participants in pay status who were offered and elected a lump sum in addition to the related current requirement for participants not in pay status. In addition, the PBGC is changing the reporting period for risk transfer activity (lump-sum windows and annuity purchases). Rather than the period falling between 60 days before the prior filing and 60 days before the current filing, the reporting period will be the prior premium payment year.

The PBGC is also modifying the filing instructions for a plan that reports that a premium filing will be the last for the plan and checks the “cessation of covered status” box as the reason. Currently, this plan must provide an explanation as to why they believe coverage has ceased and then the PBGC typically contacts the plan to verify that coverage has ceased. The PBGC is adding to the instructions that a plan that claims cessation of coverage status should complete a coverage determination request. Finally, the PBGC is making routine changes to the filing instructions.

Comments must be submitted by November 29, 2019, and sent to the Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for Pension Benefit Guaranty Corporation, via electronic mail at [email protected], or by fax to 202-395-6974.

Source: 84 FR 58181.

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