PBGC Follows IRS in Granting Deadline Relief to Indiana Storm Victims

The Pension Benefit Guaranty Corporation (PBGC)—the agency with primary oversight over and providing insurance for defined benefit pension plans—has issued Disaster Relief Announcement 18-04, describing special relief the agency is granting to plans and to designated persons due to storm and flooding events in Indiana. Designated persons generally are those responsible for meeting a PBGC deadline.

This PBGC announcement cites IRS News Release IN-2018-01 in defining the Indiana counties covered and the timeframe for deadline extensions. The Indiana counties included in the relief at this time are Carroll, Clark, Elkhart, Floyd, Harrison, Jefferson, Lake, Marshall, and St. Joseph. Deadlines falling on or after February 14, 2018, and on or before June 29, 2018, are generally postponed to June 29, 2018.

The PBGC deadline relief applies to the following actions.

  • Payment of PBGC insurance premiums (single and multi-employer plans)
  • Filing termination notices (single-employer plans)
  • Completing the distribution of plan assets (single-employer plans)
  • Filing post-distribution certification, Form 501 (single-employer plans)
  • Filing for distress termination, Form 601
  • Filing a “reportable event” notice
  • Filing Form 5500, Annual Return/Report of Employee Benefit Plan
  • Certain plans with underfunding, missed contribution, or funding waivers that must file special actuarial information within 15 days following the filing of their Form 5500, will have an extension of 15 days beyond the disaster extension date.