|
Retirement Plans Newsletter
BULLETIN |
|
|
[Official Guidance]
"[F]or 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 will be extended to January 1, 2021. That means the discounted value of these contributions received by the plan after the premium is filed but on or before January 1, 2021, will be included in the asset value used to determine the variable-rate premium. Because of this relief, plans will be able to amend the premium filing to revise the originally reported asset value once all prior year contributions have been made and receive the corresponding refund of variable-rate premiums.' [PBGC notes that "This press release (PBGC PR 20-04) revises guidance issued July 20, 2020, COVID-19-Related Single-Employer Plan Sponsors and Administrators Questions and Answers (PBGC Web 016)."] Pension Benefit Guaranty Corporation [PBGC] |
BenefitsLink.com, Inc.
1298 Minnesota Avenue, Suite H
Winter Park, Florida 32789
(407) 644-4146
Lois Baker, J.D., President loisbaker@benefitslink.com
David Rhett Baker, J.D., Editor and Publisher davebaker@benefitslink.com
Holly Horton, Business Manager hollyhorton@benefitslink.com
Article submission: Online form, or email to news.editor@benefitslink.com
BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587. Copyright 2020 BenefitsLink.com, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.
Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers; we were not involved in their production and are not responsible for their content.