Pension & Benefits News PBGC requests comments on reporting obligations following cessation of operations
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Monday, July 8, 2019

PBGC requests comments on reporting obligations following cessation of operations

By Pension and Benefits Editorial Staff

The Pension Benefit Guaranty Corporation (PBGC) has issued a notice that it intends to request that the Office of Management and Budget (OMB) approval of a collection of information that will fulfill reporting obligations following a cessation of operations at a facility.

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 intends to request that the OMB approval of this collection of information for three years.

The PBGC is seeking public comment on the proposed collection of information. Comments should be submitted by July 15, 2019, and may be submitted by using the Federal eRulemaking Portal at http://www.regulations.gov, by email at [email protected], or by mail or hand delivery to the Regulatory Affairs Division, Office of General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005-4026.

SOURCE: 84 FR 21840.

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