The Pension Benefit Guaranty Corporation (“PBGC”) recently released proposed rules meant to make PBGC’s premium rules more effective and less burdensome. The proposed rules would, among other things, simplify and streamline premium due dates by establishing a single due date for both flat rate and variable rate premiums regardless of plan size, coordinate the due date for terminating plans with the termination process, clarify the computation of the premium funding target, reduce the maximum penalty for delinquent filers that self-correct, and expand premium penalty relief. The proposed premium rule changes are effective for plan years beginning in 2014.
The proposed rule can be found here.
Drafts of forms and instructions implementing the proposed rule changes can be found here.