PBGC Updates Electronic Premium Payment System
The Pension Benefit Guaranty Corporation (PBGC) has updated My Plan Administration Account (My PAA), the web-based application that allows electronic submission of premium filings and payments.
The PBGC has announced that now:
- filers may move plans in their account so that their more frequently used plans show first as active plans versus archived plans (i.e., on a filer’s All Plans Page);
- all e-filing team members for a plan may retrieve an in-process screen-prepared or imported filing if the person holding the filing is not available to route the filing; and
- the check voucher printed for a screen-prepared or imported premium filing (while a filer is in My PAA) will typically show the amount due that is on the e-filing.
The PBGC’s mandatory e-filing requirements apply to all types of filings, including both original and amended filings.
Under My PAA:
- Account holders register for an account only once because the user ID, password and secret question/answer that are set up during registration are used for all plans, premium filings, e-filing options, and My PAA tasks.
- A plan needs to identify its filing coordinator — the person who has the responsibility to perform My PAA administrative tasks for the plan, and who typically ensures that the plan's premium filings are submitted on time.
- The plan’s administrator/sponsor (with assistance from the filing coordinator and support staff) determines the e-filing option to use.