PBGC issues revised standard/distress termination and missing participant forms and instructions

The Pension Benefit Guaranty Corporation (PBGC) has posted on its website revised forms and instructions for standard terminations, distress terminations, and missing participants, noting that the Office of Management and Budget (OMB) has approved the minor revisions. The PBGC explains that key changes include a new option for submitting these filings by email and the ability to request a pre-filing consultation to determine if a distress filing application is warranted. In addition, because the rules related to missing participants differ depending on whether the date of plan termination is before January 1, 2018, or on or after January 1, 2018, the post-distribution certifications (i.e., Forms 501 and 602, for standard and distress terminations respectively), have been modified slightly so that they can be used for both pre-2018 and post-2017 terminations. The revised Schedule MP and instructions state that they should be used by plans that terminate before January 1, 2018.

Source: PBGC What’s New, April 17, 2018.
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