The Pension Benefit Guaranty Corporation (PBGC) on Nov. 10 announced that its Comprehensive Premium Filing Instructions for 2023 Plan Years are now available. The agency made them available on its website following approval by the Office of Management and Budget (OMB).
What’s New
The filing requirements for 2023 are almost identical to the filing requirements for 2022, but there are some changes.
Here are the key changes to note for 2023:
Premium Rates. The following changes have been made to premium rates:
- Single-employer plans other than CSEC plans:
- The flat-rate premium is $96 per-participant, up from $88.
- The variable-rate premium is $52 per $1,000 of unfunded vested benefits capped at $652 times the number of participants, up from $48 per $1,000 of unfunded vested benefits capped at $598 times the number of participants.
- Multiemployer plans:
- The flat-rate premium is $35 per-participant, up from $32.
- Multiemployer plans do not pay variable-rate premiums.
Premium rates for CSEC plans are not indexed; thus, those rates have not changed.
Premium Customer Service. The Premium Customer Service email address has changed from [email protected] to [email protected]. Emails sent to the old address will be forwarded to the new mailbox
My PAA
My Plan Administration Account (My PAA), a secure web-based application that enables pension plan professionals to electronically submit premium filings to the PBGC, will be ready to accept 2023 premium filings on Monday, Jan. 9, 2023.
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