All sponsors of insured defined benefit pension plans will soon be required to submit their premium filings electronically with the Pension Benefit Guaranty Corporation (PBGC).
Starting July 1, 2006, sponsors of plans with at least 500 participants were required to "e-file" for plan years beginning on or after January 1, 2006. All other plan sponsors must e-file premiums for plan years beginning on or after January 1, 2007 , under a rule recently published by the PBGC.
PBGC's online application, My Plan Administration Account (My PAA), was first offered on a voluntary basis for plan years beginning in 2004, and it processes all types of premium filings (i.e., Form 1-ES, Form 1-EZ, Form 1, and Form 1 with Schedule A). If a payment is due, filers can select a payment date and choose among a variety of payment options, including automated clearing house (ACH), electronic check, or credit card. Filers can also pay by paper check or wire transfer.
For more information or details on setting up a My PAA account, go to www.pbgc.gov and click on "Practitioners" and then on "Online Premium Filing (My PAA)", or call PBGC's toll-free practitioner number (800-736-2444) and select the "premium" option.