PBGC Rule Implements PPA Changes to 4010 Reporting

February 19, 2008 (PLANSPONSOR.com) - The nation's private-sector pension insurer is releasing for public comment a proposed rule implementing new financial and actuarial information reporting requirements called for under the Pension Protection Act (PPA).

The Pension Benefit Guaranty Corporation (PBGC) said in a news release that the proposed rule, which provides guidance on how to determine whether a 4010 filing is required under the PPA changes, would waive reporting in certain cases for controlled groups with aggregate underfunding of $15 million or less.

According to the news release, the proposal:

  • specifies that the new rules are applicable to information years beginning after 2007;
  • modifies the standards for determining which plans are exempt from reporting actuarial information; and
  • revises the actuarial information requirements to conform with other PPA changes and provide other clarifications.

The first reports under the new rules would generally be due April 15, 2009, according to the PBCG. The proposed rule will appear in the Federal Register on Wednesday. The agency said it will accept public comments until April 21, 2008.

More information about existing 4010 requirements is here . Technical guidance released last year is here .  (SeePBGC Issues Guidance on Financial and Actuarial Reporting Changes ).