IRS, PBGC Offer Disaster Pension Relief to Businesses Affected by Harvey
Businesses that were damaged from Hurricane Harvey could receive some relief from filing tax forms related to their single or multiemployer pension plans, according to announcements from Pension Benefit Guaranty Corp. and the Internal Revenue Service.
PBGC extended the deadline to file forms 500, 501 and 601 due on or after Aug. 23 to Jan. 31, on single-employer pensions. The agency also will waive penalties on multiemployer pension plans that file documents late.
However, PBGC did not grant disaster relief on certain filings “where there may be a high risk of substantial harm to participants or the PBGC insurance program,” such as notices related to sections 302(f), 4010 and 4043 of the Employee Retirement Income Security Act of 1974.
IRS will extend the deadline for pension plan trustees to file their annual Form 5500 returns until Jan. 31.
The announcement applies to any business within the Hurricane Harvey “disaster area,” consisting of 30 counties in Texas.
Harvey hit Houston and other areas in eastern Texas on Aug. 25.
