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PBGC Extends Opinion Letter Pilot Program

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.