<nobr>Jan 27, 2005</nobr>
ERIC Submits Statement to the PBGC on the Agency's Proposed Rule Regarding Section 4010 Filings
The ERISA Industry Committee (ERIC) today submitted to the Pension and Benefits Guarantee Corporation (PBGC) ERIC's comments on the PBGC's proposed rule regarding filings under §4010 of the Employee Retirement Income Security Act of 1974 (ERISA). The proposed rule was published in the December 28, 2004 issue of the Federal Register.
Generally, ERISA §4010 requires controlled groups to report actuarial and financial information to the PBGC if the aggregate unfunded vested benefits of all plans maintained by members of the controlled group exceeds $50 million or any member of the controlled group has an outstanding minimum funding waiver in excess of $1 million. The PBGC does not currently provide a form for §4010 filings; thus, filers use a nonstandard format. The proposed rule would require electronic filing in a standardized format. It would also require employers to provide certain additional information not currently required by law, provide for separate reporting regarding varied groups of participants, and require employers who filed for a previous year to demonstrate that a filing is not required for the current year. The proposed rule would apply to reporting for any information year ending on or after December 31, 2004.
ERIC's comments suggest four substantive changes to the proposed rule: 1.) a delayed of the effective date; 2.) an amendment allowing information to be submitted by electronic spreadsheet; 3) an amendment allowing a filer to designate a single point of contact for §4010 information; and 4.) an amendment eliminating the requirement to identify controlled group members that account for only a de minimis percentage of the controlled group's revenues or assets.
ERIC Letter to PBGC RE: 4010
ERIC Comments to PBGC RE: 4010
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