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OGC-99-24 1 (1998-12-28)

handle is hein.gao/gaobablxi0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Office of the General Counsel B-281708 December 28, 1998 The Honorable James M. Jeffords Chairman The Honorable Edward M. Kennedy Ranking Minority Member Committee on Labor and Human Resources United States Senate The Honorable William F. Goodling Chairman The Honorable William Clay Ranking Minority Member Committee on Education and the Workforce House of Representatives Subject: Pension Benefit Guaranty Corporation: Payment of Premiums Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Pension Benefit Guaranty Corporation (PBGC), entitled Payment of Premiums (RIN: 1212-AA79). We received the rule on December 9, 1998. It was published in the Federal Register as a final rule on December 14, 1998. 63 Fed. Reg. 68684. The rule extends the time for final premium filings for calendar year plans and for non-calendar year plans that begin on the first day of the month by 1 month. Plans with plan years beginning on a day other than the first day of the month get a 2-month extension from the due date under the prior rule. According to PBGC, the purpose of the change is to coordinate the filing with the filing of PBGC's Form 5500 to avoid the confusion and administrative burden associated with non- coordinated filing dates. The filing change will shift an estimated $350 million in premium payments from the end of the government's fiscal year 1999 to the beginning of fiscal year 2000.1 1The premiums are included as receipts in the federal budget. GAO/OGC-99-24

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