Government Affairs
The Pension Benefit Guaranty Corporation (PBGC) has announced that it has extended until Sept. 30, 2021 its pilot program for employers considering establishing a plan.
While the PBGC cannot provide coverage determinations for plans that do not yet exist, through the program employers may submit a Coverage Determination Form to request an opinion letter about whether a plan that is being created is likely to be covered by the PBGC.
The PBGC is making the pilot program available to address two issues that affect whether a plan in the process of being created is likely to be covered by PBGC:
- whether the plan’s sponsoring employer is a professional service employer; and
- whether all participants in the plan are substantial owners.
Requests for opinion letters under this program must be submitted by Sept. 30, 2021.
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