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PBGC Revises View of Coverage for Puerto Rican and Other Territorial Plans (PDF)
Buck [Guidance Overview] Jan. 8, 2014
"If employers do not want PBGC coverage and hope to save the cost of PBGC premiums, they may wish to consider ways to position their plans to fall outside the PBGC's revised view of the coverage requirement for Puerto Rico and Guam employer plans. For plans no longer covered, presumably a refund of past premium payments can be pursued. If no longer covered, steps should also be taken to remove any PBGC coverage language from the plan's summary plan description. If PBGC coverage is desired for Puerto Rican qualified plan participants, then either a U.S. trust or an irrevocable section 1022(i)(2) election by the administrator of a plan with a Puerto Rican trust would be needed."
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