PBGC issues final regs that require electronic filing of certain multiemployer plan notices

The Pension Benefit Guaranty Corporation (PBGC) has issued final regulations that require the electronic filing of certain multiemployer plan notices with the PBGC. Specifically, the final regulations require the following to be filed electronically with the PBGC: (1) notices of termination under part 4041A, (2) notices of insolvency and of insolvency benefit level under parts 4245 (involving insolvent plans) and 4281 (following mass withdrawal), and (3) applications for financial assistance under part 4281. The final regulations are unchanged from the April 2015 proposed regulations.

Filers must submit the required information electronically in accordance with the instructions provided on the PBGC’s website. The PBGC will grant case-by-case exemptions to the electronic filing requirement in appropriate circumstances for filers that demonstrate good cause for exemption. These changes are intended to make the provision of information to the PBGC more efficient and effective.

The PBGC states that the final regulations do not involve any conforming amendments reflecting the Multiemployer Pension Reform Act of 2014 (MPRA).

The amendments to all of these regulations are effective October 19, 2015 and will be applicable for filings made on or after January 1, 2016.

Source: 80 FR 55742.

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