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September 27, 2001
PBGC Extending Deadlines
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The PBGC is still working out the details of its relief package, but it will include extension of deadlines and waiver of penalties.
The package will be coordinated with similar relief measures being taken by other federal agencies. Specific measures will be announced as soon as possible, the agency says.
In the interim, pension practitioners and others with questions about particular PBGC requirements should contact the agency's Problem Resolution Officer at (202) 326-4136.
The PBGC said it "is fully aware that many of its customers may face a variety of compliance-related problems and concerns."
"During this difficult period," it said, "the agency will work with its customers to resolve any special issues and problems that may arise."
PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by more than 43 million American workers and retirees participating in nearly 38,000 private-sector defined benefit pension plans.
The agency receives no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor pension plans and investment returns.