What is the PBGC variable rate premium?
In general, the Variable-rate Premium is $9 per $1,000, or fraction thereof, of unfunded vested benefits as of the UVB Valuation Date. For certain plans of small employers, this amount is capped at a specified amount (see item 7b).
Who must pay PBGC premiums?
Plan Administrator
The Plan Administrator of each pension plan covered under ERISA section 4021 is required to annually file the prescribed premium information and pay the premium due in accordance with PBGC’s Premium Regulations and instructions.
How do I pay my PBGC premiums?
Pay.gov for secure electronic payments: Go to PBGC’s pay.gov page for premium payments This is a direct link to the PBGC Premium Insurance Payments Form. This link can also be found at www.Pay.gov . You will be automatically directed to a secure site. Select Pension Benefit Guaranty Corporation from the Agency List.
Who is subject to PBGC?
§1321(b)(13))). Under ERISA, a “professional service employer” for purposes of the PBGC rules is: Any proprietorship, partnership, corporation, or other association or organization. Owned or controlled by professional individuals or by executors or administrators of provisional individuals.
Is PBGC pension taxable?
Your benefit from PBGC may be taxable depending on your individual circumstances. We will provide a Form 1099-R with instructions to assist you with your taxes. Form 1099-R also serves as proof of PBGC payee status for the Health Coverage Tax Credit (HCTC).
How are PBGC premiums indexed?
PBGC premium rates are indexed based on changes in the national average wage index, and the 2020 increases reflect a 3.6 percent rise in the national average wage during 2018.
How do I increase my pension withholding?
Pension recipients can make a withholding change by filling out Form W-4P, available on IRS.gov, and giving it to their payer. This form is similar to the more familiar Form W-4 that employees give to their employers.