PBGC Issues Comprehensive Premium Filing Instructions for 2024 Plan Years

The Department of Labor’s Pension Benefits Guaranty Corporation (PBGC)—the agency that insures and has primary governance over defined benefit (DB) pension plans—has issued the 2024 plan year version of its Comprehensive Premium Filing Instructions. Payment of premiums for PBGC’s insuring of DB plan benefits is required under ERISA and PBGC regulations, and premium filings are required of covered DB plans each year. The instructions indicate that filing requirements are almost identical to 2023, but note the following changes.

• An increase in single-employer plan flat rate premiums to $101 per participant from $96 per participant.
• An increase in the cap on variable-rate premiums to $686 per participant from $652 per participant.
• An increase in multi-employer plan flat rate premiums to $37 per participant from $35.