PBGC's Revised Collection of Information Modifies Reportable Events Forms and Filing Method | Practical Law

PBGC's Revised Collection of Information Modifies Reportable Events Forms and Filing Method | Practical Law

The Pension Benefit Guaranty Corporation (PBGC) has notified the public that it is requesting the Office of Management and Budget (OMB) to approve a revised collection of information under its regulation on reportable events and certain other notification requirements. The information collection modifies the reportable event notices as they relate to a failure to make required contributions and the filing method.

PBGC's Revised Collection of Information Modifies Reportable Events Forms and Filing Method

by Practical Law Employee Benefits & Executive Compensation
Published on 05 Nov 2019 • USA (National/Federal)
The Pension Benefit Guaranty Corporation (PBGC) has notified the public that it is requesting the Office of Management and Budget (OMB) to approve a revised collection of information under its regulation on reportable events and certain other notification requirements. The information collection modifies the reportable event notices as they relate to a failure to make required contributions and the filing method.
On November 4, 2019, the Pension Benefit Guaranty Corporation (PBGC) issued a notice that it is seeking approval from the Office of Management and Budget (OMB) for a revised information collection under its regulation on reportable events and certain other notification requirements (84 Fed. Reg. 59660 (Nov. 5, 2019)). The information collection modifies:
  • The reportable events notices as they relate to a failure to make required contributions.
  • The filing method.

Reportable Events Under ERISA Section 4043

Under ERISA Section 4043 (29 U.S.C. § 1343) and accompanying regulations, the plan administrator and the contributing sponsor of a qualifying single-employer defined benefit plan must notify the PBGC of certain reportable events. To satisfy the notice requirements, plan administrators and contributing sponsors must use reportable events forms when notifying the PBGC of a reportable event. These forms include:
  • Form 10, which is used to provide post-event notice to the PBGC that a reportable event has occurred.
  • Form 10 Advance, which is used to provide advance notice to the PBGC of a reportable event.
  • Form 200, which is required when:
    • there is a failure to make required contributions to a single-employer plan that is covered under ERISA Section 4021 (29 U.S.C. § 1321); and
    • the unpaid balance of a contribution payment under ERISA Sections 302 and 303 (29 U.S.C. §§ 1082 and 1083) or Code Sections 412 and 430 (26 U.S.C. §§ 412 and 430), when added to the aggregate unpaid balance of preceding payments (including interest), exceeds $1 million.
The forms must be submitted electronically to the PBGC via either:
  • Email.
  • The PBGC's e-portal.
For more information on reportable events, see Practice Note, Reportable Events for Pension Plans Under ERISA Occurring On or After January 1, 2016.

PBGC Information Collection

Under the revised information collection, the PBGC is:
  • Modifying Form 10 as it relates to the reportable event of failing to make required contributions to require the filer to submit documentation of any make-up contribution (for example, a copy of a cancelled check or wire transfer).
  • Changing Form 200 by adding a separate field in which to identify the amount of the payment that triggered PBGC notice.
  • Eliminating the option of filing the reportable event notices by email. Beginning in October 2021, filings must be submitted via the PBGC's e-filing portal.
OMB approved the collection of information through February 28, 2022. The PBGC is requesting that OMB approve the revised collection of information for three years. The PBGC seeks comments from the public, which are due January 6, 2020.