PBGC Policy Statement on Amended Filings

[david rigby]

In case you have not seen this from 12/22/2011 Federal Register, it's worth reading:

http://www.pbgc.gov/documents/2011-32804.pdf

Just my opinion, but it seems PBGC has overstepped their authority.

[Andy the Actuary]

So, what does this mean? You've amended the Schedule B and the assets reported on 5500 but since the PBGC indicated they will reject the amended PBGC filing, the assets for PBGC and IRS Reporting will differ. Andy problem?

[Mr. T]

Hewitt and other national firms were/are going to companies and re-filing past SB and shifting contributions for the sole purpose of re-filing PBGC forms and asking for refunded premiums, of which they were/are charging a percentage (30% or so). Many other national firms complained to the PBGCs who said they couldn't do anything to stop it as long as the IRS permitted the re-filing of SBs. The IRS said, we don't care what you do. And this was the result.

Personally, I hate to see Hewitt and others resort to this kind of ambulance chasing, but I am not upset the PBGC stepped to try to stop it.

Also, Hannibal told me the IRS and possibly Joint Board are also looking at this so see if they have any issues. I hear actuares aint allowed to be paid on a percentage of recovery.