Guest Sus95 Posted March 25, 2009 Posted March 25, 2009 Is a funding notice due by 4/30/09 for a calendar year plan that terminated in 2008 but has not fully distributed assets as of 12/31/08? What if the plan terminated in 2008 AND assets fully distributed by 12/31/08? Thanks.
Andy the Actuary Posted March 25, 2009 Posted March 25, 2009 (A) Is a funding notice due by 4/30/09 for a calendar year plan that terminated in 2008 but has not fully distributed assets as of 12/31/08? (B) What if the plan terminated in 2008 AND assets fully distributed by 12/31/08?Thanks. Would conjecture "yes" to "A" since you're still filing the 5500 and paying PBGC premiums, and I guess there is always the chance the termination can be voluntarily or involuntarily revoked. Would conjecture "no" to "A" as far as former participants because as of 4/30/2009 there are no participants to distribute notice to. However, that does not mean the PBGC has waived the requirement to send them one. You may wish to ask the PBGC though can't imagine why they would want a notice especially after a PBGC Form 501 has been filed. Nonetheless . . . The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
Guest Sus95 Posted March 25, 2009 Posted March 25, 2009 (A) Is a funding notice due by 4/30/09 for a calendar year plan that terminated in 2008 but has not fully distributed assets as of 12/31/08? (B) What if the plan terminated in 2008 AND assets fully distributed by 12/31/08?Thanks. Would conjecture "yes" to "A" since you're still filing the 5500 and paying PBGC premiums, and I guess there is always the chance the termination can be voluntarily or involuntarily revoked. Would conjecture "no" to "A" as far as former participants because as of 4/30/2009 there are no participants to distribute notice to. However, that does not mean the PBGC has waived the requirement to send them one. You may wish to ask the PBGC though can't imagine why they would want a notice especially after a PBGC Form 501 has been filed. Nonetheless . . . I agree with your response, but I was hoping maybe someone read something different. I always took this approach with the SAR, but that was easy to prepare, not like these Funding Notices!!
david rigby Posted March 25, 2009 Posted March 25, 2009 I agree with AtA, but add the caution, "did you file the Form 501?" 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.
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now