PBGC Clarifies Effect of Proposed Rule on Multiemployer Plans

Employers, plan administrators, third party administrators and others associated with multiemployer plans have received reassurance regarding the scope of the Pension Benefit Guaranty Corporation’s proposed rule on mandatory e-filing for certain multiemployer notices.

The PBGC issued a clarification on May 20 clarifying that its proposed rule on mandatory e-filing for certain multiemployer notices only affects notices sent to the PBGC — and does not affect notices plans and administrators send to participants. The PBGC sent the clarification in response to inquiries it has received on the matter.

The PBGC also reiterated that the proposal that multiemployer plans file certain forms with the PBGC electronically would affect the following forms:

• notices of termination under 29 CFR part 4041A;

• notices of insolvency and of insolvency benefit level under 29 CFR part 4245

;

• notices of insolvency and of insolvency benefit level under 29 CFR part 4281 (following mass withdrawal); and

• applications for financial assistance under 29 CFR part 4281 (following mass withdrawal).

If the PBGC issues the proposed rule in final form, it would be applicable to filings made on or after Jan. 1, 2016.

The PBGC also included a reminder that it will accept comments on the proposal through June 2. All comments must include Regulation Identifier Number (RIN) 1212–AB28. They may be submitted through the following methods:

Federal eRulemaking Portal: http://www.regulations.gov. Follow the website instructions for submitting comments.

Email: [email protected].

Fax: 202–326–4112.

Mail or Hand Delivery: to Regulatory Affairs Group, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005–4026.