Pension & Benefits News PBGC requests comments on reporting obligations following cessation of operations
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Wednesday, August 21, 2019

PBGC requests comments on reporting obligations following cessation of operations

By Pension and Benefits Editorial Staff

The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) approve a collection of information that will fulfill reporting obligations following a cessation of operations at a facility. The PBGC is seeking public comment on the proposed collection of information.

The PBGC is proposing to create a new form series, consisting of Form 4062(e)-01, Form 4062(e)-02, Form 4062(e)-03, and Form 4062(e)-04. An employer or a plan administrator would file Form 4062(e)-01 to notify the PBGC of the occurrence of a substantial cessation of operations and request a determination of the employer’s liability. An employer would file Form 4062(e)-02 to notify the PBGC that it made elections to pay annual additional contributions to a plan. An employer would file Form 4062(e)-03 to notify the PBGC that it paid an annual additional contribution, received a funding waiver from the IRS, or is no longer obligated to pay additional annual contributions. Finally, an employer would file Form 4062(e)-04 to notify the PBGC that it failed to pay an additional annual contribution to the plan.

The PBGC is requesting that the OMB approve this collection of information for three years. Comments should be submitted by August 26, 2019, and be 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 35890.

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