Pension & Benefits News PBGC seeks comments on regs concerning missing participants
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Wednesday, October 7, 2020

PBGC seeks comments on regs concerning missing participants

By Pension and Benefits Editorial Staff

The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval, with modifications, of the collection of information under its regulations on missing participants.

The existing collection of information expires January 31, 2021. The PBGC intends to request that OMB extend its approval of this collection of information for three years, with modifications. The PBGC is making modifications to require additional information about missing participants in two categories in order to properly withhold taxes when the participants are located, and their benefits are claimed and paid. For defined contribution plans that permit Roth accounts, the PBGC intends to require a breakdown of qualified and non-qualified Roth amounts transferred to the PBGC (if any), and if non-qualified Roth amounts are being transferred, the date the first Roth contribution was made. Where relevant for defined benefit and defined contribution plans, the PBGC intends to require identification of the portion of a participant’s benefit transfer amount treated as foreign-source income, and if so, for defined benefit plans, how that determination was made.

Comments, which should be submitted by November 2, 2020, should be sent to:http://www.regulations.gov; [email protected]; or Regulatory Affairs Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005-4026.

Source: 85 FR 54433.

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