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A final Pension Benefit Guaranty Corp. rule will reduce reporting requirements for more than 90% of plan sponsors, the agency said Thursday.
Among other things, the PBGC will waive reporting of certain events — such as a reduction in the number of active participants, a change in the control group and payment of extraordinary dividends — if an employer meets certain financial soundness tests, including having positive net income and no loan defaults, or if its pension plan is fully funded.
“This regulation helps us get the information we need and will reduce the burden for employers whose pension plans are not at risk,” PBGC acting director Alice Maroni said in a statement.
The new rule, which will be published in Friday’s Federal Register, will apply to events occurring on or after Jan. 1, 2016.
Fewer large defined benefit plan sponsors will be able to skip Section 4010 reporting under a rule change the PBGC will propose shortly.