January 7, 2016
The Pension Benefit Guaranty Corporation (PBGC) has announced that its electronic premium filing portal, MY PAA, is available for 2016 plan year filings. As we noted in our December 17, 2015 “Hot Topic,” the PBGC has already issued revised premium instructions for 2016 filings. As a result, with the opening of MY PAA for those filings, plan sponsors that must, or wish to, file and pay 2016 premiums from this point forward now have both the information and the vehicle for doing so.
The PBGC makes a similar announcement every year once the MY PAA website has been updated for the new year. Because the earliest 2016 premium due date is October 17, 2016 (calendar-year plans), the opening of MY PAA for 2016 at this time generally will be of interest only to plans that must pay earlier because they are distributing all assets before their normal 2016 filing date or plans that wish to file early for other reasons.