Amended PBGC Form 1 - Credit

[Guest kpickart]

Our participant count was overstated on our PBGC Form 1 for 1998. I am completing an Amended 1998 Form 1 that will reflect an overpayment of premium.

I have read that the PBGC will issue a letter confirming the credit/refund. Does an employer have to wait for the confirmation letter before applying the credit to future payments. (For example, our 1999 Form 1-ES is due March 1, 1999.) Can the company take the credit from the 1998 Amended Form 1 and apply it to our 1999 Form 1-ES now, or do we have to wait for the confirmation letter.