PBGC Announces New Q&A Web Page
The Pension Benefit Guaranty Corporation announced July 25 that it has launched a new web page that compiles PBGC officials’ responses to questions received from practitioners about Title IV requirements.
The questions and answers — 29 in all — cover issues in eight categories:
- Section 430(k) liens
- Bankruptcy claims
- Distress terminations
- Guaranteed benefits
- Reportable events
Among them is a response to a question about whether a two-step transaction, sometimes called a “reverse spinoff,” is an acceptable strategy for avoiding certain premium payments.
The Q&As are accompanied by a disclaimer that stating they “are not rules, regulations, or statements of the Corporation,” and “are not binding due to their informal nature. Accordingly, these responses are intended as general guidance and should not be relied on as definitive.”
The PBGC says it intends to update the page as additional questions arise.
Earlier this week, the agency announced new mailing address for premium payments correspondence and correspondence and enhancements to the My PAA e-filing system.