The PBGC has announced Harvey relief in PBGC Disaster Relief Announcement 17-09. The relief is for “designated individuals” which aligns with the IRS’s affected individuals.
- Premium Filings – For PBGC premium filings due August 23, 2017 or later, the PBGC will not charge penalties if the filing is made by January 31, 2018. However, the PBGC will charge interest from the deadline to the date payment is received.
- PBGC plan terminations – The deadline for the Form 500, Form 501 and distribution of assets is extended to January 31, 2018. Participant notice deadlines that are linked to Form 500 and Form 501 deadlines are also extended. Please note that the deadline to amend a plan for termination is not extended.
- Reportable events – The PBGC has extended the post-event notice requirements, but the notices required in advance of certain events is not automatically extended.
Two final points regarding Hurricane Harvey and the PBGC.
- If a plan sponsors needs relief not covered by the PBGC Disaster Relief Announcement 17-09, the plan sponsor should contact the PBGC as soon as practical.
- If an individual is receiving monthly pension checks from the PBGC and he needs to change his address, they should contact the PBGC Customer Contact Center at 800-400-7242 or mypension@pbgc.gov.