The Pension Benefit Guaranty Corporation (PBGC) on Jan. 7 announced that its Comprehensive Premium Filing Instructions for 2022 Plan Years are now available. The agency made them available on its website following approval by the Office of Management and Budget (OMB).
The filing requirements for 2022 are almost identical to those for 2020. Nonetheless, there are some; here are the key changes:
Changes in Premium Rates
- Single-employer plans other than CSEC plans:
- The flat-rate premium is $88 per-participant, up from $86
- The variable-rate premium is $48 per $1,000 of unfunded vested benefits capped at $598 times the number of participants, up from $46 per $1,000 of unfunded vested benefits capped at $582 times the number of participants.
- Multiemployer plans: The flat-rate premium is $32 per-participant, up from $31. Multiemployer plans do not pay variable-rate premiums. Premium rates for CSEC plans are not indexed; thus, those rates have not changed.
Retroactive Effective Dates
Given the increase in popularity of adopting plans with retroactive effective dates, which the PBGC attributes to favorable tax treatment provided under the SECURE Act, the PBGC has modified the instructions to clarify what information is reported regarding such plans (and when) and to include examples to further clarify the reporting requirements.
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