Regulatory and Legislative

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

Defined Benefit Plan

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for Kansas Severe Storms

The Federal Emergency Management Agency issued a Major Disaster Declaration on July 15, 2024, for Kansas severe storms, straight-line winds, tornadoes and flooding.

Regulatory and Legislative

IRS Provides 2024 Electronic Filing Relief for Form 5330

The IRS notes in a new post that electronic filing of Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, will not be required for the remainder of the 2024 taxable year—confirming that taxpayers may continue to file by paper.

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for New Hampshire Severe Storms

The Federal Emergency Management Agency issued a Major Disaster Declaration on July 10, 2024, for New Hampshire severe winter storm and flooding.