The Washington Report
October 23, 2019
PBGC Provides Waiver of Information Required to Be Reported Under Section 4010 Employer Reporting
On October 16, 2019, the Pension Benefit Guaranty Corporation (PBGC) issued Technical Update 19-1 providing for a waiver of information required to be reported under ERISA Section 4010 Employer Reporting. Currently, if financial information is required to be reported to the PBGC as part of a Section 4010 filing and consolidated information is provided, the revenue, operating income, and net assets for each member of the controlled group must also be separately reported. Technical Update 19-1 provides a waiver from reporting the additional financial information if the ultimate parent is not a foreign entity. If the ultimate parent is a foreign entity, a waiver of reporting the additional information is provided if U.S. consolidated information is provided in addition to the foreign parent’s consolidated financial information. This change will simplify 4010 reporting for controlled groups with more than one member.
Technical Update 19-1 is available here.
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