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PBGC coverage required?


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http://www.pbgc.gov/docs/smallbusinessguide.pdf

"Professional service employers are firms owned or controlled by professional individuals who principally provide professional services. "Professional individuals" include physicians, dentists, chiropractors, osteopaths, optometrists, other licensed practitioners of the healing arts, lawyers, public accountants, public engineers, architects, draftspersons, actuaries, psychologists, social or physical scientists, and performing artists."

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Hojo has the correct link to the PBGC book. However, notice two things:

  • in the above quote, use of the word "include"
  • see the statute (ERISA section 4021, Plans Covered). Section 4021©(2)(B) uses even broader language: "...includes, but is not limited to..."

Probably the best action is to request a PBGC determination of coverage (page 7 of the above link).

I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.

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a plan in which only an insurance agent and his secretary participated (the insurance agent-secretary plan) was subject to the termination insurance provisions (PBGC Opinion Letter 76-106; PBGC Opinion Letter 76-61).

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