The PBGC today announced that sponsors of insured defined benefit pension plans will be required to submit their premium filings to the agency electronically, confirmed PBGC spokesman Jeffrey Speicher. Under the rule, which will take effect July 1, sponsors of plans with 500 or more participants must file premiums electronically for plan years beginning on or after Jan. 1, 2006. The requirement will extend to all other plan sponsors for plan years beginning on or after Jan. 1, 2007.
The PBGC's online application, or My Plan Administration Account, was first offered on a voluntary basis for plan years beginning in 2004, according to a news release from the PBGC. Further information is available at www.pbgc.gov.