PBGC Offers California Wildfire Filing Relief

November 4, 2003 (PLANSPONSOR.com) - Plan sponsors adversely impacted by California's massive wildfires have been granted a certain measure of relief from the nation's private pension insurer.

>The Pension Benefit Guaranty Corporation (PBGC), in technical update 03-25, announced certain penalties would be waived and certain deadlines extended for any Form 5500 premium filing required to be made for the plan on or after October 21, 2003 and before December 29, 2003; if the filing is made by December 29.   However, even though the applicable penalty may be waived, the applicable interest rate will still be in effect, the PBGC said.

>The relief applies to Los Angeles, San Bernardino, San Diego and Ventura counties.

>Plan sponsors claiming disaster relief for a PBGC filing should print or type “CA Wildfires” at the top of the affected filing.  Additionally, plan sponsors that receivean inquiry or bill from the PBGC that appears not to take disaster relief into account, the inquiry or bill should be returned to the PBGC with the same wording written at the top.

More information on the technical update can be found on the PBGC’s Web site at  http://www.pbgc.gov/laws/techupdates/techupdt.htm .