PBGC Asks OMB for Authority Pertaining to DB Plan Contribution Failures

The Pension Benefit Guaranty Corporation (PBGC), an agency that provides benefit insurance for participants in certain defined benefit (DB) pension plans, is requesting from the Office of Management and Budget (OMB) the authority to revise a form used to report failures to make required contributions to a plan.

A change that PBGC is proposing would require that when a payment is made to satisfy a missed contribution, the filer must submit documentation of that payment; for example, a copy of the canceled check, or wire transfer documentation. The Federal Register-published PBGC document also addresses ERISA-provided liens intended to safeguard the funding of single-employer DB plans covered by PBGC’s plan termination program.

Comments in response to this PBGC request must be submitted on, or before, January 6, 2020.