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Compliance September 16, 2015
PBGC Issues Final Rule for eFiling Multiemployer Plan Notices
Certain notices to the PBGC must now be filed electronically.
Reported by Rebecca Moore
The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule amending its regulations to require electronic filing of certain multiemployer notices.
The final rule is unchanged from the proposed rule issued in April. The agency said it received no comments about the proposed rule.
The rule requires the following notices to be filed electronically: notices of termination under part 4041A, notices of insolvency and of insolvency benefit level under parts 4245 and 4281, and applications for financial assistance under part 4281. The agency says it will grant case-by-case exemptions to the electronic filing requirement in appropriate circumstances for filers that demonstrate good cause for exemption.
The rule applies only to notices submitted to the PBGC and not to notices submitted to participants. Text of the final rule is here.« Participant Distribution Decisions Have Implications for Plan Design