The Pension Benefit Guaranty Corporation (PBGC) on Oct. 12 announced that it is granting relief to victims of Hurricane Matthew in hard-hit parts of North Carolina. In Disaster Relief Announcement 16-12, the PBGC said it is waiving certain penalties and extending certain deadlines. The agency’s action follows the IRS’ announcement the day before that it is granting some relief to victims of Matthew.
The PBGC relief is for designated persons — those responsible for meeting a PBGC deadline (e.g., a plan administrator or contributing sponsor) and who are located in the disaster area for which the IRS has provided relief. This area consists of Beaufort, Bladen, Columbus, Cumberland, Edgecombe, Hoke, Lenoir, Nash, Pitt and Robeson Counties.
The relief includes the following:
Premiums. If the plan administrator of a plan is a Designated Person, the PBGC will, for purposes of assessing any late payment or late information penalty, treat as timely any premium filing required to be made for the plan beginning on or after Oct. 4, 2016, and on or before March 15, 2017, if the filing is made by March 15, 2017.
Plan Terminations. If the plan administrator of a plan that is terminating in a standard termination is a Designated Person, any of the following plan termination deadlines for the plan that fall on or after Oct. 4, 2016, and on or before March 15, 2017, are extended to March 15, 2017:
Distress Terminations. If the plan administrator of a plan that is terminating in a distress termination is a Designated Person and the deadline for filing the distress termination notice (Form 601) falls on or after Oct. 4, 2016, and on or before March 15, 2017, that deadline is extended to March 15, 2017.
Reportable Event Notices. If a Designated Person is responsible for filing a reportable event post-event notice for which the deadline falls on or after Oct. 4, 2016, and on or before March 15, 2017, that person’s filing deadline is extended to March 15, 2017.
Annual Employer Reporting. The PBGC requires annual financial and actuarial information reporting in certain cases by contributing sponsors (and their controlled group members) maintaining plans with large underfunding or certain missed contributions or funding waivers. The PBGC will grant relief where appropriate on a case-by-case basis for these reports.
Requests for Reconsideration or Appeals. The deadline for requesting review of a PBGC determination under PBGC's regulation on Rules for Administrative Review of Agency Decisions is generally 45 days (for an appeal) or 30 days (for a request for reconsideration) after the date of the determination. If the deadline for filing an appeal or a request for reconsideration of the determination falls on or after Oct. 4, 2016, and on or before March 15, 2017, that person’s deadline for filing the appeal or request for reconsideration is extended to March 15, 2017.
The PBGC relief is for designated persons — those responsible for meeting a PBGC deadline (e.g., a plan administrator or contributing sponsor) and who are located in the disaster area for which the IRS has provided relief. This area consists of Beaufort, Bladen, Columbus, Cumberland, Edgecombe, Hoke, Lenoir, Nash, Pitt and Robeson Counties.
The relief includes the following:
Premiums. If the plan administrator of a plan is a Designated Person, the PBGC will, for purposes of assessing any late payment or late information penalty, treat as timely any premium filing required to be made for the plan beginning on or after Oct. 4, 2016, and on or before March 15, 2017, if the filing is made by March 15, 2017.
Plan Terminations. If the plan administrator of a plan that is terminating in a standard termination is a Designated Person, any of the following plan termination deadlines for the plan that fall on or after Oct. 4, 2016, and on or before March 15, 2017, are extended to March 15, 2017:
- the deadline for filing the standard termination notice (Form 500);
- the deadline for completing the distribution of plan assets; and
- the deadline for filing the post-distribution certification (Form 501) without penalty.
Distress Terminations. If the plan administrator of a plan that is terminating in a distress termination is a Designated Person and the deadline for filing the distress termination notice (Form 601) falls on or after Oct. 4, 2016, and on or before March 15, 2017, that deadline is extended to March 15, 2017.
Reportable Event Notices. If a Designated Person is responsible for filing a reportable event post-event notice for which the deadline falls on or after Oct. 4, 2016, and on or before March 15, 2017, that person’s filing deadline is extended to March 15, 2017.
Annual Employer Reporting. The PBGC requires annual financial and actuarial information reporting in certain cases by contributing sponsors (and their controlled group members) maintaining plans with large underfunding or certain missed contributions or funding waivers. The PBGC will grant relief where appropriate on a case-by-case basis for these reports.
Requests for Reconsideration or Appeals. The deadline for requesting review of a PBGC determination under PBGC's regulation on Rules for Administrative Review of Agency Decisions is generally 45 days (for an appeal) or 30 days (for a request for reconsideration) after the date of the determination. If the deadline for filing an appeal or a request for reconsideration of the determination falls on or after Oct. 4, 2016, and on or before March 15, 2017, that person’s deadline for filing the appeal or request for reconsideration is extended to March 15, 2017.
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