PBGC Requests Extension of Revised Information Collection on Missing Participants; Comments Due November 20
Published October 20, 2023
The Pension Benefit Guaranty Corporation (PBGC) issued a notice of request for an extension of Office of Management and Budget
(OMB) approval of a currently approved information collection. The
information submitted by plans under this collection is needed to search
for missing participants and beneficiaries and pay their benefits. The
extension includes modifications to the current regulations.
Comments are due November 20, 2023.
(Updated October 20, 2023)
The Pension Benefit Guaranty Corporation (PBGC) issued a notice
requesting that the Office of Management and Budget (OMB) extend
approval, with modifications, of a collection of information under the
Paperwork Reduction Act, proposing modifications to PBGC's regulation on
missing participants. PBGC needs the information submitted by plans
under this collection to search for missing participants and
beneficiaries and pay their benefits.
PBGC proposes:
- A
requirement for plans that are filing information about more than five
missing individuals (participants or beneficiaries) to provide that
information in a spreadsheet file. PBGC provides a user-friendly
template that may be used for this purpose.
- Adding a
question to the DB plan forms (MP-100, 300, and 400) asking if the plan
has a default beneficiary provision, and, if yes, requiring an
attachment of it. (This question is already on the DC plan form
(MP-200)).
- Updating references on the DB plan forms and
instructions that relate to de minimis benefit amounts of $5,000 or less
to reflect the change under section 304 of the SECURE 2.0 Act
increasing that amount to $7,000 as of January 1, 2024.
- Adding
a box to the DC plan form for the person certifying the form to check
whether they are the plan’s plan administrator or the plan’s qualified
termination administrator.
PBGC intends to make other clarifying and editorial changes to the forms and instructions.
Comments are due September 1, 2023.