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ARTICLE · 07 OCTOBER 2020

PBGC Provides Temporary Flexibility For Variable-Rate Premium Calculations

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In late September, the Pension Benefit Guaranty Corporation (the "PBGC") published Press Release 20-04 and issued Technical Update 20-2 providing flexibility in the calculation of...

United StatesEmployment and HR
Justin Alex
Justin Alex
Malerie Bulot
Malerie Bulot
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In late September, the Pension Benefit Guaranty Corporation (the "PBGC") published Press Release 20-04 and issued Technical Update 20-2 providing flexibility in the calculation of variable-rate premiums for plan sponsors who take advantage of extended pension contribution deadlines for 2020-even in certain circumstances where the plan sponsor has already completed its PBGC premium filing.

The Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") allows plan sponsors to delay until January 1, 2021 the payment of minimum required contributions to tax-qualified defined benefit pension plans that would otherwise be due in 2020. The IRS subsequently clarified in Notice 2020-61 that the extended deadline under the CARES Act also applies to discretionary contributions in excess of the required minimum. However, the impact of taking advantage of either of these extended deadlines on the calculation of PBGC variable-rate premiums due in the interim was unclear.

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