PBGC Announces Extension of Upcoming Premium Payment Deadlines
The Pension Benefit Guaranty Corporation (PBGC) has announced deadline extensions for upcoming premium payments and other filings with the PBGC. Due dates for filings or actions that would have been due on or after April 1, 2020 and before July 15, 2020, have instead been extended to July 15, 2020. This delay is in response to the Internal Revenue Service’s (IRS) actions to delay the Form 5500 filing date to July 15, 2020 as a result of President Trump’s Major Disaster Declaration. The IRS issued Notice 2020-23 yesterday which provides various forms of emergency disaster relief, including the filing extension for Form 5500.
The extended due dates do not apply to particularly important or time-sensitive filings on the “Exceptions List” on PBGC’s Disaster Relief webpage that may indicate a high risk of harm to pension plan participants or the insurance program, but such filers may request individual extensions. Those exceptions include:
(1) Advance notices of reportable events under ERISA section 4043 (Form 10-Advance).
(2) Notices of large missed contributions under ERISA section 303(k) (Form 200).
(3) Post-event notices for the following five reportable events under ERISA section 4043:
(a) Failure to make required contributions under $1 million.
(b) Inability to pay benefits when due.
(d) Loan default.
(e) Insolvency or similar settlement.
(4) Actions related to distress terminations for which PBGC has issued a distribution notice.
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