Pension & Benefits News PBGC requests comments on modification of information collection for payment of premium regs
Thursday, October 1, 2020

PBGC requests comments on modification of information collection for payment of premium regs

By Pension and Benefits Editorial Staff

The PBGC has issued a notice of intent to request 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 intends to modify the 2021 premium filing to require certain plans that transferred assets to another plan (or received assets from another plan) at the beginning of the plan year to report information about the transfer. These plans will be required to report whether the transfer was de minimis and, in the case of a de minimis merger, whether the transferee plan had fewer assets than the transferor plan. This information is necessary to verify that the date reported as the “participant count date” (i.e., the date as of which participants are counted for premium purposes) is correct.

The PBGC also intends to update the premium rates and make conforming, clarifying, and editorial changes. One change, to conform with the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, is adding the option of “CSEC plan” (i.e., cooperative and small employer charity plan) as a response to the question of “Plan type.”

Comments must be submitted by October 20, 2020. Comments may be submitted by any of the following methods:

  • Federal eRulemaking Portal: Follow the Web site instructions for submitting comments.
  • Email:[email protected].
  • Mail or Hand Delivery: Regulatory Affairs Division, Office of General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005-4026.

Source: 85 FR 51759.

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