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Bates & Company, Inc.
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Loan & Distribution Specialist AimPoint Pension
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Regional Vice President of Sales The Retirement Plan Company
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AimPoint Pension
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Text of Updated PBGC Technical Update 20-2: Extended Due Date for Inclusion of Prior Year Contributions
Pension Benefit Guaranty Corporation [PBGC] [Official Guidance] Nov. 17, 2020 Revised Nov. 16, 2020, to conform with IRS Notice 2020-82. "For premium filings due on or after March 1, 2020 and before January 1, 2021, the date by which prior year contributions must be received by the plan to be included in plan assets under Section 4006.4(c) of PBGC's premium rates regulation is extended to January 4, 2021. Because of this relief, the discounted value of a 'prior year contribution' received after the premium is filed and on or before January 4, 2021, may be included in the asset value used to determine the variable-rate premium. Thus, if such a contribution is made, the premium filing may be amended to revise the originally reported asset value and resulting variable-rate premium." [Also see COVID-19-Related Single-Employer Plan Sponsors and Administrators FAQs, updated Nov. 16, 2020] |
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