PBGC Reportable Event-Late Filing

[JAY21]

Anyone know offhand what the penalties are for a late Form 10 filing for a PBGC reportable event due to failure to meet minimum funding requirements ?

In this case it looks like the Form 10 filing is about 11 months late. It's on a plan with over 100 participants.

[Lou S.]

http://www.pbgc.gov/documents/10_instructions.pdf

Effect of Failure to Timely File

If a notice (or any other required information) is not provided within the specified time limit, PBGC may assess against each plan administrator and contributing sponsor required to provide the notice a separate penalty under ERISA §4071 of up to $1,100 a day for each day for which the notice or other information is overdue (see 29 CFR Part 4071 and PBGC’s Statement of Policy on Assessment of Penalties for Failure to Provide Required Information (60 FR 36837, July 18, 1995)). PBGC may pursue any other equitable or legal remedies available to it under the law.

Not sure what the PBGC policy of waiving penalties is but on other issues I've had to deal with them they have generally been very reasonable.