PBGC Proposes Modification to Information Collected Under Its Missing Participant Program
The Pension Benefit Guaranty Corporation (PBGC) is requesting from the federal Office of Management and Budget (OMB) the authority to modify its information collection procedures under its missing participants program. PBGC’s missing participants program is mandatory for terminating plans covered by title IV insurance programs and voluntary for defined benefit and defined contributions plans not covered by title IV insurance. PBGC intends to make following changes in this collection renewal.
- Plans filing information for more than five missing individuals would need to provide information in a spreadsheet file.
- A question will be added regarding whether the plan has a default beneficiary provision and if so, to provide an attachment of it (this question already appears on the defined contribution plan form MP-200).
- References on the defined benefit plan forms and instructions that relate to de minimis benefit amounts of $5,000 or less will be updated to reflect the change under section 305 of SECURE 2.0, increasing that amount to $7,000 in 2024.
- A checkbox will be added to the defined contribution plan form to verify that the person certifying the form is the plan administrator or qualified termination administrator.
PBGC estimates it will receive an average of 345 filings per year over the next three years. Comments on the proposed collection can made within 60 days of publication in the Federal Register.