PBGC Offers Filing Relief

October 8, 2001 (PLANSPONSOR.com) The Pension Benefit Guaranty Corp. (PBGC) is trying to do its part to help out plan sponsors impacted by the September 11 terrorist attacks.

The agency has waived penalties through Feb. 12, 2002, for any premium payments with a due date between Sept. 11, 2001, and Feb. 12, 2002, if the pension plan administrator is located in an area for which the Department of Labor is providing disaster relief in connection with the terrorist attacks.

The relief also applies if the plan administrator cannot reasonably obtain information or other assistance from a person whose operations are directly affected by the disaster.

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The PBGC is also providing premium penalty relief beyond February 12, 2002, for plans that qualify for Form 5500 disaster extensions beyond that date, as well as extending deadlines and providing penalty relief for various PBGC requirements relating to plan terminations and other matters.

PBGC’s disaster relief program will be outlined in a notice to be published in the Federal Register on October 11, 2001.

The PBGC notes that those affected by the disaster who need relief from a PBGC deadline that is not granted by the notice should contact Diane Morstein at 1-800-736-2444, ext. 4136 or by e-mail at practitioner.pro@pbgc.gov, to allow the agency to work with them in ensuring that they receive appropriate relief.

All submissions to PBGC relying on disaster-related relief described in the notice should print or type “9/11/01 terrorist attack relief until ________________” prominently at the top of the filing, inserting in the blank the last date to which relief for the filing is provided.

PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by more than 43 million American workers and retirees participating in nearly 38,000 private-sector defined benefit pension plans.


A copy of the Federal Register Notice is at http://www.pbgc.gov/laws/lawsregs/federalreg/05oct01.htm