The Pension Benefit Guaranty Corporation announced Wednesday it will waive penalties for late payment of 2011 premiums and will grant other premium-related relief as it continues to seek ways to ease regulatory burdens on customers.
"PBGC does what it can to help companies keep their pension plans," said PBGC Director Josh Gotbaum. "One way we do this is by being flexible and responsive, and giving companies a break when it makes sense to do so. This relief is part of that ongoing effort."
The relief is in response to the President's Executive Order mandating federal agencies to both improve regulations and the process used to review them, and feedback from pension professionals. Today's announcement follows PBGC's Plan for Regulatory Review, made public on Aug. 22.
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Companies that pay their premium up to seven days past the due date will not have to pay a penalty to PBGC. In addition, the agency is offering relief in connection with alternative premium funding target elections.
A full explanation of the relief, including information on the plan years to which the relief applies, has been published in a Federal Register notice.
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