Compliance January 5, 2007

Efiling of PBGC Premiums Now Required for All Plans

January 5, 2007 (PLANSPONSOR.com) - The final rule that required practitioners of large defined benefit plans (those with 500 or more participants) to file premiums electronically effective July 1, 2006 now applies to all plans, effective January 1, 2007.
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The final rule was published in the June 1, 2006 Federal register (See PBGC Says Mandatory E-filing Begins July 1 ), and required practitioners of large DB plans to efile premiums for plan years beginning on or after January 1, 2006.

In a news release, the PBGC said all DB plan sponsors must use efiling beginning with plan year 2007 premium filings.

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A PBGC online application, My Plan Administration Account (My PAA), allows pension practitioners to prepare and submit premium filings and payments electronically. For detailed information or to set up a My PAA account, filers should go to the “Practitioners” page of the PBGC’s Web site, www.pbgc.gov , and click on the “Online Premium Filing (My PAA)” link.

The news release said pension practitioners with questions about My PAA may call the PBGC’s toll-free practitioner number at 1-800-736-2444 and select the “premium” option.

Benefits January 4, 2007

60% of Workers Plan to Seek Other Employment this Year

January 4, 2007 (PLANSPONSOR.com) - Sixty-percent of employees plan to look for new jobs this year, but traditional reasons like higher pay or greater flexibility did not rank at the top of the list, according to a recent survey.
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According to a Job.com press release, its survey of 5,173 visitors to its Web site found only 28% of the respondents said the reason for scouting for a new job was wanting a higher salary. Other reasons respondents gave included:

  • Improved working conditions – 17%,
  • Health care benefits – 13%, and
  • Wanting a promotion, disliking their commute, or disliking their boss – 4%.

The most cited reason for wanting a new job was “other,” chosen by 35% of respondents.

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Other surveys have found not quite as many workers were planning to switch jobs in the new year (See Survey: 20% of Workers Plan to Flee Jobs in 2007and Survey Finds Half of Workers Ready for Job Change ).

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