How do I pay my PBGC premiums?
Pay.gov for secure electronic payments: Go to PBGC’s pay.gov page for premium payments This is a direct link to the PBGC Premium Insurance Payments Form. This link can also be found at www.Pay.gov . You will be automatically directed to a secure site. Select Pension Benefit Guaranty Corporation from the Agency List.
Are PBGC premiums required?
Payment of premiums to the Pension Benefit Guaranty Corporation (PBGC) is required by sections 4006 and 4007 of the Employee Retirement Income Security Act of 1974 (ERISA), and PBGC’s Premium Regulations (29 CFR Parts 4006 and 4007). Every covered plan under ERISA section 4021 must make a premium filing each year.
What are the changes in PBGC premium rates?
Changes in premium rates: – Single-employer plans: The flat-rate premium is $80 per-participant, up from $74; the Variable-rate premium is $43 per $1,000 of unfunded vested benefits capped at $541 times the number of participants, up from $38 per $1,000 of unfunded vested benefits capped at $523 times the number of participants.
Who is required to file premium information with PBGC?
The Plan Administrator of each pension plan covered under ERISA section 4021 is required to annually file the prescribed premium information and pay the premium due in accordance with PBGC’s Premium Regulations and instructions. Most private-sector defined benefit plans that meet tax qualification requirements are covered
What is the variable rate for a single employer pension plan?
Variable-rate Premiums (single-employer plans only) For plan years beginning in 2019, the variable-rate premium (VRP) for single-employer plans is $43 per $1,000 of unfunded vested benefits (UVBs), up from a 2018 rate of $38.
What’s the difference between PBGC and short coverage year?
Added a new defined term (i.e., “Short Coverage Year”) to distinguish a situation where a plan is covered by PBGC for only a portion of its p lan year from a situation where the plan year is less than twelve full months (i.e., a “Short Plan Year”); and Added some examples to illustrate how the proration calculation works.