Compliance January 5, 2010

PBGC Premiums Can be Filed Electronically

January 5, 2010 (PLANSPONSOR.com) – The Pension Benefit Guaranty Corporation (PBGC) said both Estimated Flat-rate premium filings and Comprehensive filings for plan years beginning in 2010 may now be electronically submitted via My Plan Administration Account (My PAA).
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While premium filings must be electronically submitted per the agency’s e-filing requirement, premium payments may be electronically submitted via My PAA or they may be made outside of My PAA by check or electronic funds transfer. 

The per-participant flat-rate premium for plan years beginning in 2010 is $35.00 for single-employer plans (up from $34.00 for plan year 2009) and $9.00 for multiemployer plans (unchanged from plan year 2009). By law, the premium rates are adjusted for inflation each year based on changes in the national average wage index, the PBGC noted.

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According to the agency, My PAA is a secure Web-based application that:

  • Streamlines the premium filing process for users;
  • Helps users prepare, and PBGC process, premium filings faster and more accurately;
  • Provides immediate confirmation of date and time that PBGC received a filing;
  • Helps PBGC provide more accurate and timely invoices;
  • Speeds up refund processing;
  • Offers filing options that enable filers to view premium data submitted; and
  • Enables on-line access to plan premium filing account histories.

 

Information about how to e-file via My PAA, including FAQs and demos, is here. 

The 2010 premium payment instructions, including illustrative forms, are here.

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