PBGC Issues Technical Update Providing Guidance on One-Time 4010 Filing Waiver

Published August 08, 2023

The Pension Benefit Guaranty Corporation (PBGC) issued Technical Update 23-1 providing guidance on compliance with the annual financial and actuarial information reporting requirements under section 4010 of ERISA and 29 CFR part 4010 of PBGC's regulations.

Section 4010 of ERISA requires a contributing sponsor of certain underfunded single-employer plans and members of the contributing sponsor’s controlled group to report identifying, financial and actuarial information to PBGC. In general, this reporting is required if one or more plans sponsored by a member of the controlled group has a funding target attainment percentage (4010 FTAP) below 80%.

In recognition of the atypical market conditions of late 2022 and early 2023, and the way those conditions impact assets and liabilities for purposes of determining whether a 4010 filing is required, the Technical Update provides a one-time waiver of the 4010 filing requirement for filers meeting specified criteria.

PBGC is waiving the 4010 filing requirement for filers for an applicable information year if all of the following criteria are satisfied:
  • The 4010 filing requirement did not apply for the five consecutive information years immediately preceding the applicable information year;
  • Either:
    • None of the includable plans has a market-based 4010 FTAP4 below 85%, or
    • The market-based aggregate 4010 funding shortfall does not exceed $15 million;
  • Every includable plan with a 4010 FTAP below 80%5 (i.e., a plan that would trigger the 4010 filing requirement if not for this waiver) has a valuation date on or after October 1, 2022 and on or before March 1, 2023.

Entities using this waiver must notify PBGC no later than 15 days before the date the 4010 filing would have been due if not for the waiver.