PBGC Offers Tips for Premium Filings

During a recent speaking engagement, Michael Rae, deputy chief of Negotiations and Restructuring at the PBGC, said the agency is in the process of reviewing comments received after the regulations were proposed, and hopes to issue final regulations before time to pay 2014 premiums (see “Shutdown Put Delay on Some Regulations”).

In the meantime, the agency has offered some premium filing reminders:

• Review plan’s premium account history: To help ensure that your plan’s premium information is correct, you should review the plan’s account history after you submit a filing to PBGC. The account history shows key information about each plan year, for example, the amount due, the amount paid, any overpayments, and any underpayments. To review the account history online via My PAA, request that the plan’s Filing Coordinator assign you “view account history” permission. You can then go to the Plan Page to access the plan’s account history. Please note that it may take a few days for your filing to be posted to your account history.
• Use credits or request refunds: There are times when a plan has overpaid premiums for a plan year, as shown on the account history (see previous bullet). If the overpayment is in a plan year immediately preceding the current premium year, show the overpayment as a credit on the current premium year’s filing, which will reduce the net amount owed. Otherwise, have the plan administrator request a refund via e-mail to premiums@pbgc.gov.
• Deactivate accounts you no longer use: If you will no longer use My PAA for premium filings, have the plans in the account removed by the Filing Coordinator and then send an e-mail to premiums@pbgc.gov requesting that the account be deactivated. Otherwise, PBGC will initiate the deactivation of My PAA accounts that haven’t been used for an extended period of time.

To learn more about My PAA, go here.  

The reminders and more PBGC Insights are here.