PBGC Reportable Events: What You Need to Know About the New Rules
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Understanding how reportable events work can be critical under a company's loan covenants and create financial challenges if not recognized and dealt with properly.
Pension plans and the companies who sponsor them are required to give the Pension Benefit Guaranty Corporation (PBGC) notice of Reportable Events - events and transactions affecting either the company or the plan that may signal financial problems and potentially put pensions at risk. Employers need to know when a reportable event occurs and when to file with the PBGC. Failing to recognize and timely file a notice of reportable event can subject a company to penalties of up to $1,100 per day of delay.
This topic explains the new reportable event definitions under the PBGC regulations that went into effect January 1, 2016. Learn the expanded waiver provisions that employers need to know, deadlines for post event notices and advance notices, and new PBGC forms for reportable events.
Learn what the employer needs to know to comply with the new reportable event rules and avoid PBGC problems, what actions the PBGC is likely to take after a reportable event filing, and how to negotiate with PBGC in the event of threatened PBGC action. This is vital invormation for any employer with a defined benefit pension plan.
AuthorsJames P. McElligott Jr., McGuireWoods, LLP Robert B. Wynne, McGuireWoods, LLP
What Is a Reportable Event?
• ERISA Requirements and Pension Benefit Guaranty Corporation Regulations
• Role of PBGC in Insuring Pension Benefits and Termination of Pensions.
• Purpose of Reportable Event Filings
• Liabilities for Parent Corporation and Subsidiaries
New Rules for Reportable Events Effective January 1, 2016
• Events That Trigger Duty to File, PBGC Forms
• Events That Trigger Advance Reporting
• Penalties for Failing to File
• Waivers: Low Default Risk, Well-Funded Plan, Small Plan, Public Company
Negotiating With PBGC Over Reportable Events
• What Action Does PBGC Take After the Reportable Event Filing?
• How Should the Employer Respond to the PBGC?
• What Powers Does the PBGC Have to Force Compliance?