Notice to Participants for an Underfunded PBGC covered Plan

[flosfur]

The following is an excerpt from the PBGC's Model Notice which is required under ERISA section 4011.

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[iNCLUDE THE FOLLOWING WITH RESPECT TO ANY UNPAID OR LATE PAYMENT THAT MUST BE DISCLOSED UNDER SECTION 4011.10(b)(6):]

Your plan was required to receive a payment from the employer on

1. . That payment [has not been made] [was made on
   1. ].

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Reading it literally, it only requires the date(s) to be listed and not the actual amount of contribution paid/unpaid. But what use is disclosing just the date(s) without the amounts?

Am I misreading it?

Assuming amounts are required to be listed and the Participant Notice is required for 2004, which must be issued no later than 12/15/2004.

A plan's valuations are performed @ EOY and therefore the 2004 required quarterly contirbution will not be determined well after the notice's deadline and may well be zero when evenually computed.

What amount(s) should one disclose on the notice?

[david rigby]

I believe the 12/15/04 date refers to requirements for the 2003 plan year, which should have been made no later than 9/15/04, assuming a CY plan year.

If not cumbersome, and if the Plan Administrator agrees, I put the actual amounts and dates of contributions, but it does not seem to be required. Usually, the PA does not want to encourage more questions, so giving that information in the notice might help.