Products and Services
PBGC Premium Audit - a service that can uncover refundable PBGC overpayments
Many plan sponsors have seen significant increases in PBGC premium payments required since 2003, due in large part to increasing "variable" premiums. The variable portion of the premium payment is a complex actuarial calculation resulting in increasing premiums as funded status deteriorates, making now a better time than ever to audit these calculations. We have found that many overpayments go undetected, year after year, which may be up to millions of dollars. We know where to look, what the alternatives are and how to recover the overpayments.
"PBGC premiums are just another tax. No plan sponsor should pay one dollar more than necessary."
Thomas S. Terry, FSA
CEO
JPMorgan Compensation and Benefit Strategies
Our PBGC premium audit process is quick and easy. First, we collect necessary forms from the plan sponsor, without requiring a lot of their time or effort. Then, within two weeks, we communicate our audit findings. Next, we obtain agreement on the refund opportunity from the plan sponsor's actuary. Lastly, within a few months of the refiling, the plan sponsor collects the full amount of the premium overpayment.We have conducted audits for over 10 years, auditing over 200 plans. During our audit experience, we have facilitated the collection of over $15 million dollars of refunds from the PBGC.
We audit the calculations, present our findings in a confidential report, confer with whomever you designate, and assist you in reclaiming overpayments. There is no charge for our service, unless our audit results in savings to you. If so, our fee is 25% of your refund.