Printer Friendly

PBGC PROVIDES RELIEF FOR FLOOD VICTIMS

 WASHINGTON, Aug. 20 /PRNewswire/ -- The Pension Benefit Guaranty Corporation (PBGC) today issued a Technical Update to provide relief from PBGC filing deadlines and penalties to companies and individuals in the flood-ravaged Midwest.
 "We recognize the disruption that the flood has created for companies and individuals and are glad we can do our small part to help," said PBGC Executive Director Martin Slate.
 The PBGC relief applies to companies and individuals located in a federal disaster area. Nearly 500 counties in Iowa, Illinois, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wisconsin were designated as disaster areas because of the flood.
 The PBGC relief will give companies and individuals until Oct. 15, 1993, to comply with deadlines that occurred on or after June 11, 1993. Under the program, the PBGC will:
 -- Extend the deadlines in a standard termination for (1) submitting detailed benefit information to participants and beneficiaries, (2) providing notices to PBGC and (3) distributing plan assets.
 -- Extend the time period that participants, beneficiaries and employers have to appeal or request reconsideration of benefit determinations and certain other PBGC decisions.
 -- Waive penalties for not paying premiums (interest is required by the law and, therefore, cannot be waived).
 -- Waive penalties in a standard termination for not filing a certification that assets have been distributed.
 -- Waive penalties for not providing a notice of a multi-employer plan termination.
 -- Waive penalties for not providing a notice of benefit increases.
 -- Waive penalties for not filing a notice of a reportable event, other than a bankruptcy or change of employer. Although notice must be filed in these two situations, penalties are waived for supporting documentation not filed. Similarly, notice must be filed for missed contributions over $1 million but supporting documentation need not be immediately filed.
 All filings and notices to the PBGC relying on flood-related relief should be marked in bold print "FLOOD DISASTER, County of (fill in appropriate county name and state)" at the top center of the document.
 PBGC is a federal corporation created under Title IV of the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by more than 41 million American workers and retirees participating in private-sector defined benefit pension plans.
 -0- 8/20/93
 /CONTACT: Jane Hoden, public affairs officer, Pension Benefit Guaranty Corporation, 202-778-8840/


CO: Pension Benefit Guaranty Corporation ST: District of Columbia IN: FIN SU:

DC-TW -- DC015 -- 4704 08/20/93 14:02 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 20, 1993
Words:404
Previous Article:PHP HEALTHCARE RETAINS MARKETING FIRM FOR PRIVATE SECTOR DEVELOPMENT
Next Article:COORS ELECTRONIC PACKAGE CO. RESPONDS TO DEPARTMENT OF COMMERCE RECOMMENDATION

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters