Andy the Actuary Posted June 22, 2009 Posted June 22, 2009 A calendar year plan with over 100 participants (last year, this year, every year) failed to make its 2009 quarterly contribution due 4/15/2009. It did not correct by 5/15/2009. On June 22, plan sponsor indicated they didn't make the quarterly contribution but not for financial reasons. Instructions to PBGC Form 10 states "A reportable event must be filed within 30 days after a plan administrator or contributing sponsor knows or has reason to know that a reportable event has occurred." The instructions indicate the PBGC may assess penalities of up to $1,100/day. Question: Is PBGC Form 10 due (a) May 15 (b) June 14 or © July 22 ? Has anyone experience in dealing with the PBGC regarding similar circumstances? My inclination is to have the plan sponsor make the contribution post haste so that this can be include in the Form 10 filing. 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.
david rigby Posted June 22, 2009 Posted June 22, 2009 Mine also. 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.
Andy the Actuary Posted June 22, 2009 Author Posted June 22, 2009 Mine also but the instructions to Form 10 are so very peculiar and mysterious. It would have been simpler to say the reportable event occurs 30 days after the missed installment unless it has been made by then. 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.
david rigby Posted June 23, 2009 Posted June 23, 2009 It would have been simpler to say ... Well......, this is the federal government, after all. I've given up on hoping for common sense. 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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