PBGC issues RFI on missing participants in individual account plans

The Pension Benefit Guaranty Corporation (PBGC) has issued a request for information (RFI) seeking comments from the public to assist it in making decisions about implementing a new program to deal with benefits of missing participants in terminating individual account plans.

Before making decisions about implementing a missing participants program for terminating individual account plans (which represent the vast majority of non-covered plans), the PBGC wants to gauge the demand for such a program and how that demand might be affected by fees, minimum benefit requirements, and information requirements, measured against private providers of similar services.

The PBGC seeks comments on any and all relevant issues, including the following:
· What proportion of individual account plans have participants they cannot find? Among such plans, what is the average number of participants the plan cannot find?
· What if any services for missing participants in individual account plans are unavailable in the competitive private marketplace and why are they unavailable?
· How would individual account plans’ choice to use a PBGC missing participants program for such plans — rather than a private-sector service — be affected by (1) the level of fees the PBGC might charge, (2) the minimum benefit size the PBGC might accept, (3) optional or mandatory electronic filing, and (4) other possible program features?
· What impact would a PBGC missing participants program for individual account plans have on private-sector benefit processing firms?
· What special concerns do small plans or their sponsors or participants have regarding the treatment of missing participants in individual account plans?

Comments

Comments must be received on or before August 20, 2013. Comments may be submitted by any of the following methods:
· Federal eRulemaking Portal: www.regulations.gov. Follow the Web site instructions for submitting comments.
· E-mail: reg.comments@pbgc.gov.
· Fax: 202-326-4220.
· Mail or Hand Delivery: Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005-4026.

Comments received, including personal information provided, will be posted to www.pbgc.gov.

Source: 78 FR 37598, June 21, 2013.

For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer’s Benefits Reports.

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