PBGC Electronic filing

[Guest Grant]

Has anyone tried the new E-filing? We can't decide which method to use/try.

[Effen]

We have used it.

Are you a plan sponsor or a filing preparer?

What do you mean by "which method"? Did you mean which "payment" method?

[Guest Grant]

Actuary/preparer.

We thought there were 3 methods of importing the files/signing up. The "co-ordinator" is the either the sponsor of the actuary/preparer. That seems like a nightmare either way. If the sponsor does it, we have little control. If we do it, we could be liable for the premium not being paid?

Seems like up to 4 or more people have to be involved!

How did you work it so far? thanks

[Effen]

Yes, could be lots of people involved. What we did is sign all of our clients up. In the process, you designate different people for differend tasks. ie :CFO to review, Pres to sign, etc. Usually we ended up signing up at least two people at the client.

Once that was done, MyPAA sends them each an email asking them to sign in. They choose a user name and password. MyPAA then kicks you back an email saying that they have signed up.

Once everyone is signed up, you prepare the form then "release it" to the client for review. If the person who reviews it is not the one who signs it, they have to "release it" to them for signiture. Then they release it to the payor.

In our case... ME (signer upper) -> CFO (review form) - > Pres (sign) -> CFO (payment) -> PBGC

I also think you are correct that we now "own" the client, since we signed them up, which will make it interesting for takeovers in the future, although I think you can release them somehow.

Its kind of a pain, but I didn't think it was too bad. Also, you get to see a lot of history for the client that you may not be aware of. Yesterday we found an $5,000 credit for one of our clients from 1998.

[JanetM]

I am the plan sponsor and filing coordinator. It is easier for us this way as have three actuarial firms who do work for us. Works great. I entered all the plans, actuaries were assigned and they did their part, I "signed" and sent the forms in.

[Guest Grant]

Thanks for your responses!

[Effen]

Janet,

I'm curious, if you sign for the PA's, do you ask them to sign something confirming that they have reviewed the filing and give you authority to "sign" it?

We have one client who still doesn't have an email address.

[AndyH]

I just last week tried this for the second time (first one went ok until PBGC shut it down-"systems problem").

This time the client initiated it and had three "invitations" sent to my office (two actuaries, one administrator). None of them received he email. We checked and checked for spam filtering but were assured they never came.

I called the practitioner hotline and the PBGC person said that the filing coordinator (client) never inititated the invitations. The client insisted that it was done correctly and in fact received a confirm which was then faxed to me. PBGC insisted the requests were never initiated. PBGC says that the practitioner needs to get in on the call. I say I am the practitioner and I am calling the practitioner hotline. Then I insist that the helpline "helper's" info is wrong since I have a copy of the faxed confirm in front of me. Can't be, says PBGC.

Many minutes on hold. They give me the number of a systems "consultant" who was helpful and told me the PBGC hotline people are clueless on this matter. Great. Eventually, consultant tells me to have client call him, that day or several days later because he is going on vacation.

Thankfully client calls him that day and works through it all again with the systems person. Turns out client did everything right. Some glitch in the system. Finally we get the invitations.

One down. Only a few hours. Couple hundred to go. Better get to those before the system's consultant's contract runs out. Better get some of those clients to take computer classes. :angry:

[JanetM]

Effen,

The company I work for sponsors 13 DB plans (down from 30+ due to mergers). I have been authorized by the Retirement Board to sign as plan administrator/sponsor.

I enter the basic plan data, the acutuaries add their part after an in house review, they post to site and I review. Then I tell the Trustee how much to wire and "sign and send" PBGC forms.

[Effen]

Sorry Janet, I guess I never realized you worked for a plan sponsor. I know you said you were the plan sponsor, but I just assumed you worked for a service provider (actuary, accountant, TPA).

I am still curious ... all you service provider types, are any of you "signing" as Plan Administrator?

[Guest Grant]

I just last week tried this for the second time (first one went ok until PBGC shut it down-"systems problem").

This time the client initiated it and had three "invitations" sent to my office (two actuaries, one administrator). None of them received he email. We checked and checked for spam filtering but were assured they never came.

I called the practitioner hotline and the PBGC person said that the filing coordinator (client) never inititated the invitations. The client insisted that it was done correctly and in fact received a confirm which was then faxed to me. PBGC insisted the requests were never initiated. PBGC says that the practitioner needs to get in on the call. I say I am the practitioner and I am calling the practitioner hotline. Then I insist that the helpline "helper's" info is wrong since I have a copy of the faxed confirm in front of me. Can't be, says PBGC.

Many minutes on hold. They give me the number of a systems "consultant" who was helpful and told me the PBGC hotline people are clueless on this matter. Great. Eventually, consultant tells me to have client call him, that day or several days later because he is going on vacation.

Thankfully client calls him that day and works through it all again with the systems person. Turns out client did everything right. Some glitch in the system. Finally we get the invitations.

One down. Only a few hours. Couple hundred to go. Better get to those before the system's consultant's contract runs out. Better get some of those clients to take computer classes. :angry:

[AndyH]

and ????