• Skip to primary navigation
  • Skip to main content

Van Iwaarden Associates

Retirement Planning For Employers

  • Home
  • Public Sector
    • GASB 67/68 Pension Accounting
      • GASB 67/68 FAQs and Resources
      • Fire Relief Associations
    • GASB 74/75 OPEB Accounting
      • GASB 75 & OPEB Expertise
      • GASB 75 & OPEB FAQs
    • Discount Rates, Crossover, Agent Plans
    • Speeches & Articles – Public Plans
  • Private Sector
    • Plan Design
      • Defined Benefit Plans
      • Cash Balance Plans
        • Cash Balance Plan Case Studies
        • Cash Balance Plan FAQs
      • Profit-Sharing Plans
      • 401(k) Plans
      • 403(b) Plans
      • Retiree Medical Benefits
    • Actuarial Services
      • Cross Testing
      • Pension Plans
      • FASB Retiree Medical
    • Speeches & Articles – Private Plans
  • Blog
  • About VIA
    • Our Team
    • Offices
    • Get a Life!

December 7, 2010 By Mark Schulte 1 Comment

2011 PBGC Reportable Event Waivers

As many plan sponsors and benefits practitioners were hoping for, the PBGC recently released Technical Update 10-4 which provides guidance on how to comply with the proposed amendments to the reportable events regulations for the 2011 plan year. The conclusions are very similar to Technical Updates 09-1,  09-3, and 09-4 which provided guidance for the 2009 and 2010 plan years. Similar to the prior pronouncements, the new Technical Update:

–        Extends the waiver of the requirement to report a missed quarterly contribution under ERISA §4043.25. This waiver is valid as long as the plan (1) has fewer than 25 participants or (2) has between 25 and 100 participants and files a simplified notice with the PBGC. In both cases, the reason for the missed quarterly contribution cannot be due to financial inability.

–        Affirms which liability and asset values should be used to calculate the funded status of the plan when determining whether it is eligible for reporting waivers, reporting extensions, or is subject to advance reporting requirements. Consistent with prior Technical Updates, the assets and liabilities used to determine the PBGC variable rate premium for the 2010 plan year should be used to determine reporting requirements for events occurring during the 2011 plan year.

Technical Update 10-4 also provides a hint that final rules are coming soon: it states that the PBGC expects to issue the final amendments to the reportable event regulations sometime in 2011. We’ll see. When the final amended regulations are published, hopefully they will at least contain some of the small plan waivers that have simplified the administration of these plans.

Share this:

  • Tweet

Filed Under: Defined benefit plans, PBGC, Private pensions Tagged With: PBGC, pension, pension plan

Previous Post: « Quick Overview of Proposed AFN Regulations
Next Post: Explanation of 436 and Hybrid Plan Amendment Extensions »

Reader Interactions

Trackbacks

  1. Déjà vu: PBGC Extends Reportable Event Relief for 2012 « The VIA retirement plan blog says:
    December 12, 2011 at 8:48 am

    […] a year to the day after providing relief for the 2011 plan year, the PBGC released PBGC Technical Update 11-1. This notice provides guidance for the 2012 plan year […]

    Log in to Reply

You must log in to post a comment.

Copyright © 2022 · Northern Consulting Actuaries, Inc. d/b/a Van Iwaarden Associates. All rights reserved.