The PBGC today published its final rule to amend its regulations on premium rates and payment of premiums. The amendments implement provisions of the 2006 Pension Protection Act that change the variable-rate premium for plan years beginning on or after Jan. 1, among other changes.
According to the PBGCs filing, the rule revises the premium due date and penalty structure of the existing regulation to give some plans more time to file and others the ability to make variable rate premium filings based on estimated liabilities and then follow up with amended filings to adjust the variable-rate premium without penalty. Three special relief rules for VRP filers are eliminated as no longer appropriate or necessary, and two new relief rules are added.
The full text of the rule is available on the Federal Registers website: www.gpoaccess.gov/fr/index.html.