Funding Relief Election under PRA 2010 - Tardy Election, Is It Possible?

[WestCoast]

Is there ANY possibility of making a tardy election for 2011 plan year funding relief under PRA 2010?

The deadline for the defined benefit plan in question was December 31, 2011. The plan's actuaries prepared the election package, e.g., (i) election letter, (ii) draft notice to participants, and (iii) cover letter explaining how to elect, when to elect, how to provide notice to PBGC and to participant.

But, there was some confusion as to whether the plan's sponsor received the election package.

After reading through IRS Notice 2011-3, and the parallel Code section 430 and ERISA section 303 provisions, it sure looks like there is no possibility of making a tardy election.

Is this worth a call to the IRS and/or PBGC? Or is the answer a clear "too late"?

Thanks.

[tymesup]

I don't see any reason not to try.

With the minimum funding deadline fast approaching, the plan sponsor should be prepared to make the larger contribution.