The Pension Benefit Guaranty Corporation has issued a technical update temporarily waiving the requirement for pension plan administrators to report reductions in the number of active participants covered by a plan if caused by an attrition event.
PBGC Technical Update 26-1 applies prospectively only to plans whose reportable event notices are due on or after the update is issued, according to the agency.
The waiver reduces compliance burdens for plan administrators and sponsors while preserving PBGC's ability to receive timely notice of workforce reductions through existing single-cause event reporting requirements. The decision was based on a review of recent reportable event filings.