Government Affairs
The Pension Benefit Guaranty Corporation (PBGC) has issued the premium rates for 2023.
2023 Premium Rates
The PBGC determined the premium rates applicable for 2023 plan years in accordance with the indexing rules provided in Section 4006 of ERISA. The rates are higher than those set for 2022, and rose from the previous year at a higher rate than they did from 2021 to 2022. The rates for the per-participant rate for flat-rate premium and variable-rate premium, per participant cap rose most appreciably.
The rates are as follows:
| Rate | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Increase, 2022-2023 |
| Per participant rate for flat-rate premium | $74 | $80 | $83 | $86 | $88 | $96 | +$8 |
| Variable-Rate premium, rate per $1,000 of unfunded vested benefits | $38 | $43 | $45 | $46 | $48 | $52 | +$4 |
| Variable-Rate premium, per participant cap | $523 | $541 | $561 | $582 | $598 | $652 | +$54 |
| Per participant rate for flat-rate premiums, multiemployer plans | $28 | $29 | $30 | $31 | $32 | $35 | +$3 |
The PBGC’s Premium Rates web page has been updated to reflect these updates. A complete history of premium rates is here.
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