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The Pension Benefit Guaranty Corp. (PBGC) is seeking to collect additional information from terminated plans participating in the agency’s missing participants program. The program is mandatory for PBGC-insured single-employer and multiemployer defined benefit (DB) plans and optional for defined contribution (DC) and small professional-service DB plans.
PBGC currently requests information from participating plans so the agency can search for missing participants and provide benefits to any who are found. To ensure proper tax withholding on benefit payments, PBGC intends to request two new pieces of information:
PBGC’s expanded information request is currently awaiting authorization from the Office of Management and Budget. Comments are due by Jan. 7, 2021.
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