PBGC seeks comments on termination of single-employer plans and missing participants

The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval, with modifications, of the collection of information in its regulations on the termination of single-employer plans, missing participants, and implementing forms and instructions.
The PBGC is proposing to provide that the plan administrator of a plan terminating in a standard termination, or a distress termination that closes out in the private sector, may submit termination forms electronically (scanned and emailed or faxed), rather than by mail or personal delivery only. The PBGC is also proposing to include an opportunity for plan sponsors to contact PBGC for a pre-filing consultation to discuss the filing process and ensure the filing of a distress termination is appropriate given the sponsor’s specific circumstances.

Comments, which should be submitted by December 1, 2017, may be sent by any of the following methods:

  • Federal eRulemaking Portal: http://www.regulations.gov. Follow the Web site instructions for submitting comments.
  • Email: paperwork.comments@pbgc.gov.
  • Mail or Hand Delivery: Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005-4026.

Source: 82 FR 45912.
Visit our News Library to read more news stories.