PBGC COVID-19-Related Compliance FAQs for DB Plans
The Pension Benefit Guaranty Corporation (PBGC), the agency that provides benefit insurance for many single-employer defined benefit (DB) pension plans, has issued frequently-asked-question (FAQ) compliance guidance for these plans as their sponsoring employers deal with the coronavirus (COVID-19) pandemic. Included in these FAQs are the following.
- Extended deadline to make required plan contributions
- PBGC processing of distress termination applications
- PBGC collection of termination liabilities
- Early Warning Program inquiries during the pandemic
- Reporting of minimum required contribution failures