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Life Health > Annuities

PBGC to Add Forms

By staff Writer

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The Pension Benefit Guaranty Corp. wants to expand efforts to get information about the participants in and beneficiaries of terminated pension plans.

The PBGC has notified the federal Office of Management and Budget (OMB) that it will be adding 3 new forms to the list of efforts it uses to locate and pay people affected by pension plan failures.

The PBGC insures defined benefit pension plans in the United States.

The federal Paperwork Reduction Act requires agencies to get permission to conduct new “collections of information” and put existing information collection activities through a regular review process.

The PBGC has permission to continue existing participant location collections until Sept. 30, 2011, officials say in a notice in the Federal Register.

OMB approval for the PBGC participant location information collection expires Sept. 30.

The PBGC would use the 3 new forms when it takes over failed pension plans and plan participants or beneficiaries apply for benefits.

Two of the new forms would be used to confirm continuing eligibility of participants who are receiving benefits based on disability, officials say.

The other new form will be used to determine whether participants are eligible for additional pension service credit under the Uniformed Services Employment and Reemployment Rights Act (USERRA).

USERRA describes the pension rights and other rights of civilian employees who leave to go on active duty in the military or other uniformed services and later return to their civilian employers.

The PBGC also wants to change PBGC Form 704 (Request for Earnings Information) to eliminate the requirement that respondents provide copies of Form W-2s.

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