DB Plans Get Relief for Certain Premium Payments and Filings
Due dates for filings or actions that would otherwise have been due on or after April 1, and before July 15, have been extended to July 15.
The Pension Benefit Guaranty Corporation (PBGC) announced extended deadlines for upcoming defined benefit (DB) plan premium payments and other filings with the agency.
Due dates for filings or actions that would otherwise have been due on or after April 1, and before July 15, have been extended to July 15.
The PBGC explains that when the IRS provides relief to employee benefit plans because of a major disaster by delaying the Form 5500 due date, PBGC’s disaster relief policy provides that many PBGC due dates are similarly extended. The IRS issued Notice 2020-23 providing disaster relief, which included a Form 5500 extension. Retirement plan sponsors should note that the July 31 Form 5500 filing date for calendar year plans has not been extended.
The PBGC’s extended due dates do not apply to particularly important or time-sensitive filings on the “Exceptions List” on PBGC’s Disaster Relief webpage that may indicate a high risk of harm to pension plan participants or the insurance program. However, such filers may request individual extensions.
“PBGC understands the far-reaching effects COVID-19 is having on workers, families and companies across the country,” says PBGC Director Gordon Hartogensis. “This move will offer flexibilities to deliver relief that many employers and pension plan service providers need during this unprecedented time.”