Practitioners
What's New for Practitioners
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Reportable Events; Guidance for Plan Years after 2012: On January 30, 2013, PBGC issued Technical Update 13-1, which extends for 2013 and later plan years the reportable events guidance provided in Technical Update 11-1. (01/30/13)
2013 Premium Filings: Both estimated flat-rate filings and comprehensive filings for plan years beginning in 2013 may be electronically submitted via My Plan Administration Account (My PAA). Information about how to e-file via My PAA (e.g., Demos and FAQs) is on the Online Premium Filing with My PAA page of our website. The 2013 premium payment instructions (including illustrative forms) are posted to the Premium Payment Instructions and Addresses page of our website. "What's New" for premium filings for plan years beginning in 2013 is described on page 2 of the instructions, e.g., the per-participant flat-rate premium is $42.00 for single-employer plans and $12.00 for multiemployer plans. (01/02/13)
Expected Retirement Age Update: On November 30, 2012, PBGC published a final rule amending its valuation regulation by substituting a new table for selecting a retirement rate category. The new table applies to any plan being terminated either in a distress termination or involuntarily by the PBGC with valuation date falling in 2013. (11/30/2012)
2013 Maximum Guarantee: On November 27, 2012, PBGC updated the Maximum Monthly Guarantee Tables for 2013. The maximum guaranteeable monthly benefit for 2013 is $4,789.77 (as compared with $4,653.41 for 2012). (11/27/12)
Benefit Restrictions - Present Value of PBGC Maximum Guarantee: On November 21, 2012, PBGC posted a table showing the applicable present values for 2013 plan years. For more information see Technical Update 07-04.
2013 Premium Rates: The "Premium Rates" webpage has been updated to reflect changes resulting from the Moving Ahead for Progress in the 21st Century Act (MAP-21) and to show rates for 2013. (11/02/12)
Notice About Premium Filings: As a service to plan administrators who prepare and submit premium filings, PBGC recently mailed a notice about the upcoming 2013 premium instructions. The notice also includes helpful premium filing reminders. (09/27/12)
Technical Update on 4010 filings under MAP-21: On September 11, 2012, PBGC issued Technical Update 12-2, which provides guidance on the effect of the Moving Ahead for Progress in the 21st Century Act (MAP-21) on annual financial and actuarial information reporting under ERISA section 4010. (09/11/2012)
Technical Update on PBGC premiums under MAP-21: On August 28, 2012, PBGC issued Technical Update 12-1 to provide guidance on how the determination of premiums is affected by the amendments to ERISA section 4006 made by the Moving Ahead for Progress in the 21st Century Act (MAP-21). PBGC expects to issue guidance about MAP-21’s effect on 4010 filings in the near future. (08/28/2012)
My PAA Passwords: Federal information security regulations require us to strengthen the password requirements for My PAA (My Plan Administration Account), which is used by practitioners to electronically file premiums to the PBGC. Stronger passwords will help better protect your personal and business information. The next time you login after the change takes effect (expected no later than August 1, 2012), you will be required to change your password to satisfy the new criteria, e.g., the password must be between 10 and 24 characters and contain at least 1 uppercase character, 1 lowercase character, 1 number and 1 special character. Please note that active account holders will receive an email about the change; and you do not need to rush to change your password. You may continue to access My PAA according to your normal schedule; and My PAA will prompt you to change your password at the appropriate time. If you have any questions, send an email to premiums@pbgc.gov or call the practitioner toll-free number 1-800-736-2444 and select the “premium” option. (06/18/2012)
Administrative Review of Information Penalties: On April 16, 2012, PBGC published a final procedural rule that amends PBGC's administrative review regulation to make assessments of information penalties subject to reconsideration. This rule is associated with retrospective review and analysis in PBGC's Plan for Regulatory Review issued in accordance with Executive Order 13563. The change will promote uniformity and transparency in PBGC's procedures for making and reviewing determinations. (04/16/12)
ERISA Section 4044 Corrections: On March 9, 2012, PBGC published two Federal Register documents that slightly revise its interest assumptions under ERISA section 4044, applicable to valuation dates during the second half of 2011. These minor changes will have little impact on calculations. Relevant postings on the Practitioners page of PBGC.gov have been updated. For ERISA Section 4010 purposes, if you have already calculated benefit liabilities using the originally published interest factors, you do not need to redo those calculations. For questions about 4010 filing requirements, contact the Corporate Finance & Restructuring Department (formerly DISC) at 202-326-4070 or ERISA.4010@pbgc.gov. (03/09/12)
New on PBGC.gov: The website’s Practitioners section now features historical and current information on ERISA Section 4044 Retirement Assumptions. We’ve also reformatted Interest Rates & Mortality Factors into two new pages: Interest Rates and Factors; and Mortality, Retirement and PV Max Guarantee. (03/05/12)
