Regulatory Updates
Regulatory Updates provide quick access to employee benefit regulations, rulings and other guidance released by governmental agencies in the U.S. and Canada.
New updates to this page may be included in Today’s Headlines which is emailed to International Foundation members each business day. Inquiries regarding these updates should be directed to the Benefits Knowledge Center at the International Foundation at (888) 334-3327, option 5 or [email protected].
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PBGC Requests Extension of Revised Information Collection on Missing Participants; Comments Due November 20
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)
- 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.