Public Benefit Guarnty Corporation (PBGC) Insights
Missing participants in individual account plans
On June 21, PBGC published a request for information asking for the public’s help in making decisions about starting a new program to deal with benefits of missing participants in terminating individual account plans. PBGC requested feedback from the pension community on the demand for such a program or a database of missing participants, the availability of private-sector missing participant services, potential program costs and fees, electronic filing, and other issues. PBGC received 21 comments in response to the RFI.
Premium proposed rule
On July 23, PBGC published a new premium proposal to make its premium rules more effective and less burdensome. For more information, see PBGC’s press release. PBGC received comments on the proposal and is currently working on a final rule.
Premium filing reminders:
Review plan’s premium account history: To help ensure that your plan’s premium information is correct, you should review the plan’s account history after you submit a filing to PBGC. The account history shows key information about each plan year, for example, the amount due, the amount paid, any overpayments, and any underpayments. To review the account history online via My PAA, request that the plan’s Filing
Coordinator assign you “view account history” permission. You can then go to the Plan Page to access the plan’s account history. Please note that it may take a few days for your filing to be posted to your account history.
Use credits or request refunds: There are times when a plan has overpaid premiums for a plan year, as shown on the account history (see previous bullet). If the overpayment is in a plan year immediately preceding the current premium year, show the overpayment as a credit on the current premium year’s filing which will reduce the net amount owed. Otherwise, have the plan administrator request a refund via email to firstname.lastname@example.org.
Deactivate accounts you no longer use: If you will no longer use My PAA for premium filings, have the plans in the account removed by the Filing Coordinator and then send an email email@example.com requesting that the account be deactivated. Otherwise, PBGC will initiate the deactivation of My PAA accounts that haven’t been used for an extended period of time.
For assistance with any tax matters, including the IRS representation and disclosing your unreported foreign bank accounts, you may contact Zaher Fallahi, Tax Attorney, CPA, at (310) 719-1040 (Los Angeles) or (714) 546-4272 (Orange County), or e-mail to firstname.lastname@example.org.