PBGC issues 2018 premium filing instructions

The Pension Benefit Guaranty Corporation (PBGC) has posted the 2018 Comprehensive Premium Filing Instructions (including the illustrative form) on its website. The PBGC states that the filing requirements for 2018 are almost identical to the 2017 filing requirements, according to the PBGC. However, the flat-rate premium, variable rate premium, and cap on variable rate premium amounts have been increased for inflation, and the examples have been expanded in the section of the instructions about how to determine premiums in a year when the plan is involved with a spinoff, merger, or consolidation.
The PBGC has also expanded the section in the instructions about short plan years to provide additional information for plans expecting to distribute assets during the 2018 plan year pursuant to a standard plan termination. Of particular note, the PBGC has added an appendix that provides a list of common filing errors with details concerning those errors. The PBGC reminds filers that premium payment instructions have recently changed and advises filers to review its Premium Payment Instructions and Addresses webpage each year before sending a payment.
The PBGC states that My PAA is ready to accept electronic filings for plan years beginning in 2018. In addition, if a filer has the plan in a My PAA account (which the PBGC highly recommends), the filer can submit an online Request for Reconsideration (of penalty) or a Request for a Premium Refund (by the PA/PA Rep).

Source: PBGC website.
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