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Compliance December 23, 2003
PBGC Gives Form 5500 Filing Break for Natural Disasters
December 23, 2003 (PLANSPONSOR.com) - The nation's
private pension insurer has given plan sponsors in several
areas of the country hit by natural disasters an extension to
file their Form 5500.
Reported by Fred Schneyer
The Pension Benefit Guaranty Corporation (PBGC) is also waiving certain penalties – but not interest charges – for those companies in the affected areas or for those plan sponsors whose providers were in the hard-hit areas.
For plan sponsors in the state of Washington affected by storms and flooding during the period October 15 to 23, the PBGC said it will treat as timely any premium filing required to be made for the plan on or after October 15, 2003, and before January 9, 2004, if the filing is made by January 9, 2004. The extensions involve companies in the following counties: Chelan, Clallam, Grays Harbor, Island, Jefferson, King, Kitsap, Mason, Okanogan, Pierce, San Juan, Skagit, Snohomish, Thurston, and Whatcom.
The PBGC is taking a similar approach for plan sponsors affected by severe storms, flooding, mudslides and landslides beginning November 10, 2003, in Puerto Rico. Affected Puerto Rico municipalities include Arroyo, Canovanas, Fajardo, Guanica, Guayama, Juana, Diaz, Loiza, Maunabo, Naguabo, Patillas, Rio Grande, Salinas, Santa Isabel, Toa Baja, Yabucoa, Yauco. The agency said it will treat as timely any premium filing required to be made for the plan on or after November 10, 2003, and before January 21, 2004, if the filing is made by January 21, 2004.
Similarly, the PBGC is extended filing deadlines for those affected by severe storms, flooding, and landslides during the period November 11 to 30, 2003, in West Virginia. Affected counties include Boone, Cabell, Calhoun, Clay, Fayette, Gilmer, Greenbrier, Harrison, Kanawha, Lincoln, Marion, McDowell, Mercer, Monongalia, Monroe, Nicholas, Putnam, Raleigh, Summers, Wayne, Webster, Wetzel, and Wyoming. The agency will treat as timely any premium filing required to be made for the plan on or after November 11, 2003, and before January 21, 2004, if the filing is made by January 21, 2004.
For more information, go to http://www.pbgc.gov/laws/techupdates/techupdt.htm .