PBGC Modifies Two Form 5500 Schedules, Seeks OMB Nod

The Pension Benefit Guaranty Corporation has revised two schedules to be used with 2014 Form 5500 filings. The PBGC modified the Schedule MB (multiemployer defined benefit plan actuarial information) and the Schedule SB (single-employer defined benefit plan actuarial information) and related instructions. The PBGC seeks the Office of Management and Budget’s approval of the modifications before it issues the revised schedules for use with 2014 filings. 

The modification to the Schedule MB requires administrators of multiemployer DB plans that are in critical status to provide information about the plan year in which the plan is projected to emerge from critical status and, if the rehabilitation plan is based on forestalling possible insolvency, the plan year in which insolvency is expected. 

The modification to the Schedule SB requires administrators of single-employer DB plans to report the funding target (vested and total) for each type of participant (active, retired, terminated vested).

John Iekel is Senior Writer and Editor for the ASPPA Net and NTSA Net portals.