81 FR 65542 — Payment of Premiums; Late Payment Penalty Relief PBGCFinal Rules (FR)Sep 23, 2016
f title IV of ERISA, and section 4007 of ERISA, which gives PBGC authority to assess late payment penalties.
Major Provisions of the Regulatory Action The penalty for late payment of a premium is a percentage of the amount paid late multiplied by the number of full or partial months the amount is late, subject to a flo…
PBGCProposed Rules (FR)Proposed Jul 22, 2010
…e procedures in paragraph (c) of this section. See 5 CFR 550.1108 and 550.1109.
(c)
Non-centralized salary offset for debts owed to PBGC. When centralized salary offset through the Treasury Offset Program is not available or appropriate, PBGC may collect delinquent debts owed to PBGC through non-centralized salary offs…
PBGCFinal Rules (FR)Nov 5, 2010
olution of the debtor's dispute.
§ 4903.13
How will PBGC offset a Federal employee's salary to collect a debt owed to PBGC?
(a)
Federal salary offset. (1) Salary offset is used to collect debts owed to the United States or PBGC by Federal employees. If a Federal employee owes PBGC a debt, PBGC may offset the employee's…
PBGCRegulationsSep 21, 2021★ strong match
…ed that smaller deductions are appropriate based on the employee's ability to pay.
(g)(4) (4) Final salary payment. After the employee has separated either voluntarily or involuntarily from the payment agency, the payment agency may make a lump sum deduction exceeding 15 percent of disposable pay from any final salary …
88 FR 4900 — Special Financial Assistance by PBGC-Withdrawal Liability Condition Exception PBGCFinal Rules (FR)Jan 26, 2023related by meaning
uld be 2052 (29 years + 1 year). Under this example, employers withdrawing before 2054 would have UVBs determined using the prescribed interest rates. While a plan is not required to use mass withdrawal interest assumptions beyond the specified period, the regulation does not preclude the use of settlement rates therea…
81 FR 25363 — Payment of Premiums; Late Payment Penalty Relief PBGCProposed Rules (FR)Proposed Apr 28, 2016
…pose of the Regulatory Action This proposed rule is needed to reduce the financial burden of PBGC's late premium penalties. The rulemaking would reduce penalty rates for all plans and waive most of the penalty for plans that meet a standard for good compliance with premium requirements.
PBGC's legal authority for this …
88 FR 76660 — Technical Amendments: Special Financial Assistance Withdrawal Liability Condition; SECURE 2.0 Act; and Other Updates PBGCFinal Rules (FR)Nov 7, 2023related by meaning
s a lump sum within 3 months of the date SFA is paid, or in equal monthly installments over 5 years, starting within 3 months of the SFA payment date. As stated in PBGC's guidance posted July 19, 2023, the phased recognition of SFA assets for purposes of calculating employer withdrawal liability was intended to approxi…
PBGCFinal Rules (FR)Jul 8, 2022★ strong match
…ent date, with no installment payment adjusted for interest. PBGC notes that IRS has advised that a late make-up payment should be adjusted to account for the delay, and that the correction method described in section 6.02(4)(d) of Revenue Procedure 2021-30, 2021-31 IRB 172 (which sets forth the current version of the …
78 FR 44056 — Premium Rates; Payment of Premiums; Reducing Regulatory Burden PBGCProposed Rules (FR)Proposed Jul 23, 2013
gnated paragraph (g) are revised, and new paragraph (f) is added, to read as follows:
§ 4007.8
Late payment penalty charges.
(a)
Penalty charge.
* * * (1) For any amount of unpaid premium that is paid on or before the date PBGC issues a written notice to any person liable for the premium that there is or may be a premi…
91 FR 36100 — Technical Amendments: Special Financial Assistance PBGCProposed Rules (FR)Proposed Jun 16, 2026related by meaning
…r section 4001(b)(1) of ERISA, to the extent arising from the same withdrawal or from a series of related withdrawals (including partial withdrawals), transactions, or arrangements. Settlements, transactions, or arrangements undertaken with a principal purpose of avoiding the approval requirement under this paragraph a…
79 FR 13547 — Premium Rates; Payment of Premiums; Reducing Regulatory Burden PBGCFinal Rules (FR)Mar 11, 2014
…edesignated paragraph (g) are revised, and new paragraph (f) is added, to read as follows:
§ 4007.8
Late payment penalty charges.
(a) * * * (1) For any amount of unpaid premium that is paid on or before the date PBGC issues a written notice to any person liable for the premium that there is or may be a premium delinque…
PBGCRegulationsJan 1, 2017related by meaning
(a) (a) If a participant has not started to receive monthly benefit payments on the date of distribution, the value of the lump sum which returns mandatory employee contributions is equal to the total amount of contributions made by the participant, plus interest that is payable to the participant under the terms of th…
PBGCRegulationsSep 1, 2017related by meaning
(b)(1) (1) Accumulated mandatory employee contributions. Subject to any addition for the cost of ancillary benefits plus interest, as provided in the following sentence, the amount of the accumulated mandatory employee contributions for each participant is the participant's total nonforfeitable mandatory employee contr…
88 FR 44045 — Benefit Payments and Allocation of Assets PBGCFinal Rules (FR)Jul 11, 2023related by meaning
… to an estate, regardless of the de minimis threshold, in a lump sum, with no annuity option.
Accumulated Mandatory Employee Contributions The final rule, like the proposed, clarifies that if a participant is not in pay status at the time the plan becomes trusteed, the participant may withdraw any accumulated mandatory…
79 FR 18483 — Title IV Treatment of Rollovers From Defined Contribution Plans To Defined Benefit Plans PBGCProposed Rules (FR)Proposed Apr 2, 2014related by meaning
withheld from the salary of the employee by the employer and deposited to the employee's credit in the defined benefit plan on an after-tax basis.[3] Such mandatory contributions have generally been used to fund a portion of the participant's accrued benefit as determined under the plan's benefit formula and are requi…
PBGCFinal Rules (FR)Dec 22, 2017related by meaning
…0826)
assumed to commence on the participant's normal retirement date (or accrual cessation date if later);
(iii) In the case of a participant who is in pay status, benefits are assumed to commence on the date on which benefits actually commenced; and
(iv) In the case of a beneficiary, benefits are assumed to commence …
PBGCRegulationsFeb 8, 2021related by meaning
(e)(1) (1) Facts. Assume that a calendar year multiemployer plan receives final authorization by the Secretary of the Treasury for a benefit suspension, effective January 1, 2018. The present value, as of that date, of the benefit suspension is $30 million. Employer A, a contributing employer, withdraws during the 2022…
86 FR 1256 — Methods for Computing Withdrawal Liability, Multiemployer Pension Reform Act of 2014 PBGCFinal Rules (FR)Jan 8, 2021related by meaning
ar. The plan sponsor first determines Employer A's allocable amount of unfunded vested benefits under section 4211 of ERISA. That
( printed page 1263) amount is the present value of vested benefits as of December 31, 2021, including the present value of the vested benefits that are expected to be restored effective Jan…
PBGCRegulationsMar 5, 2020related by meaning
(b)(3) (3) Prefunding balance and funding standard carryover balance elections. For purposes of determining the 4010 funding target attainment percentage for a plan for the plan year, prefunding balances and funding standard carryover balances must reflect any elections (or deemed elections) under ERISA section 303(f) …
85 FR 6046 — Miscellaneous Corrections, Clarifications, and Improvements PBGCFinal Rules (FR)Feb 4, 2020★ strong match
…nical clarifications around its application. Others requested clarity specifically about what is a “late election” to reduce a funding balance for 4010 reporting purposes because, for minimum funding purposes, “late elections” do not take effect for the plan year for which they are nominally made. Additional questions …