PBGC Proposes Electronic Filing for Multiemployer Plan Notices
The Pension Benefit Guaranty Corporation (PBGC) is proposing to amend its regulations to require electronic filing of certain multiemployer notices.
The proposed rule would require the following notices to be filed electronically: notices of termination under part 4041A, notices of insolvency and of insolvency benefit level under parts 4245 and 4281, and applications for financial assistance under part 4281.
The agency says it would grant case-by-case exemptions to the electronic filing requirement in appropriate circumstances for filers that demonstrate good cause for exemption.
The proposed rule is part of PBGC’s ongoing implementation of the Government Paperwork Elimination Act and is consistent with the Office of Management and Budget (OMB)’s directive to remove regulatory impediments to electronic transactions. The proposal builds in flexibility to allow the agency to update the electronic filing process as technology advances.
PBGC says it believes requiring electronic filing for these notices would result in benefits for both the public and the government. Electronic filing would simplify the filing process for the public by building in all required and optional fields and including readily accessible guidance in the application. This is expected to reduce the need to contact PBGC for assistance.
The agency estimates that the amendments in the proposed rule would result in a total savings in administrative burdens for the public of 25% (about 22 hours and $99,000 annually). It is asking for comments about the proposal.
Text of the proposal is here.
« Legg Mason Rolls Out Credit CIF