PBGC Issues Final Rule on Mandatory E-Filing by Multiemployer Plans
The Pension Benefit Guaranty Corporation (PBGC) on Sept. 17 issued a final rule amending its multiemployer regulations
to require electronic filing of certain multiemployer notices starting in 2016. The final rule is effective Oct. 19, 2015 and is applicable to filings made on or after Jan. 1, 2016. It affects only notices to the PBGC and does not involve the Multiemployer Pension Reform Act of 2014.
The final regulation requires electronic filing with the PBGC of the following multiemployer plan filings:
- notices of termination under part 4041A:
- notices of insolvency and of insolvency benefit level under part 4245.
- notices of insolvency and of insolvency benefit level under part 4281 (following mass withdrawal).
- applications for financial assistance under part 4281 (following mass withdrawal).
- The PBGC will grant case-by-case exemptions to the electronic filing requirement in appropriate circumstances for filers that demonstrate good cause for exemption.
The PBGC believes that these changes will simplify filing for the public by building in all required and optional fields and including readily accessible guidance in the application. It also expects that they will reduce the need to contact PBGC for assistance, reduce administrative burdens and better protect privacy of information. And it believes that they will save filers and the government money through heightened efficiency.