PBGC Issues Comprehensive Premium Filing Instructions for 2023 Plan Year

The Pension Benefit Guaranty Corporation (PBGC) has released the Comprehensive Premium Filing Instructions for 2023 Plan Years. Annual premium filings and payments are required under ERISA and PBGC regulations for PBGC covered DB plans. The instructions indicate the filing requirements are almost identical to the 2022 filing requirements, but note the following changes:

• An increase in single-employer plan flat-rate premium to $96 per-participant, up from $88 per-participant
• An increase in single-employer plan variable-rate premium to $52 per $1,000 of unfunded vested benefits capped at $652 times the number of participants, up from $48 per $1,000 of unfunded vested benefits capped at $598 times the number of participants
• An increase in multiemployer plan flat-rate premium to $35 per-participant, up from $32 per-participant
• The Premium Customer Service email address is changed to pbgc_premiums@custhelp.com