Final Rule on Annual Financial and Actuarial Info Reporting Issued

The Pension Benefit Guaranty Corporation (PBGC) on March 23 issued a final rule amending its regulation on Annual Financial and Actuarial Information Reporting (29 CFR part 4010). The first filings under the new regulation will be due April 17, 2017.

The amendments:

• modify how underfunding is determined for purposes of the existing reporting waiver for companies with total aggregate underfunding of $15 million or less;

• create three new reporting waivers (including one for companies whose plans cover fewer than 500 participants);

• provide simpler, alternative methods of compliance regarding some of the more burdensome calculations; and

• codify informal guidance provided earlier regarding the impact of MAP-21 and HATFA on 4010 reporting.

The PBGC says that later this year it will update the e4010 module of the e-filing portal to reflect these changes.

Additional information for practitioners is available from the PBGC here.