The Pension Benefit Guaranty Corporation (PBGC) just issued a proposed regulation that would change the reporting rules for defined benefit plans. The new proposal focuses on companies and plans that are at substantial risk of default. The PBGC expects the new rules would exempt or waive many reporting requirements for more than 90% of plans and sponsors and reduce the burden by around 75% for financially sound companies. Reporting requirements would also be made simpler and more uniform.
This proposed rule reverses the PBGC’s earlier proposal, which would have increased reporting requirements by eliminating most reporting waivers. According to the proposed regulations, the PBGC’s change in position was in response to letters from ERIC and others.
ERIC Members and Trial Members can read more
here.
A copy of the proposed regulation is available
here.
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