The Pension Benefit Guaranty Corporation (PBGC) has waived the requirement, subject to certain conditions, to report member-specific financial information.
The action comes in Technical Update 19-1, which provides guidance on compliance with the annual financial and actuarial information reporting requirements under Section 4010 of ERISA and part 4010 of PBGC regulations. The technical update also supplements the guidance provided in the instructions to the e-4010 module of the PBGC’s e-filing portal. The PBGC issued Technical Update 19-1 on Oct. 16.
Waiver
29 CFR Section 4010.11(d) gives the PBGC the authority to waive requirements to submit information regarding one or more filers or plans. Accordingly, the PBGC is waiving the requirement in Section 4010.9(b)(2) to provide member-specific financial information for filers whose ultimate parent is not a foreign entity.
For filers whose ultimate parent is a foreign entity, the requirement to report Section 4010.9(b)(2) information is waived if filers provide consolidated financial statements for U.S. controlled group members as an attachment to their filing (or federal tax returns if consolidated financial statements are not available), in addition to any other financial information that must be included with the filing.
E-filing Portal
For filings in which financial information is consolidated, the e-4010 module of the PBGC’s e-filing portal considers the member-specific financial information required (i.e., submission is blocked if those fields are left blank). The PBGC is providing the following work-around for filers who choose not to report the Section 4010.9(b)(2) data:
Instead of entering the actual revenues, operating income, and net assets in the space provided for each data item, enter $7,777.
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