PART 4010—ANNUAL FINANCIAL AND ACTUARIAL INFORMATION REPORTING Authority: 29 U.S.C. 1302(b)(3), 1310. Source: 61 FR 34022, July 1, 1996, unless otherwise noted. § 4010.1 Purpose and scope. This part prescribes the requirements for annual filings with PBGC under ERISA section 4010. [61 FR 34022, July 1, 1996, as amended at 74 FR 11029, Mar. 16, 2009] § 4010.2 Definitions. The following terms are defined in § 4001.2 of this chapter: benefit liabilities, Code, contributing sponsor, controlled group, earliest retirement age at valuation date, ERISA, expected retirement age (XRA), fair market value, IRS, PBGC, person, plan, plan year, unreduced retirement age (URA), ultimate parent, and U.S. entity. In addition, for purposes of this part: At-risk status Exempt entity Exempt plan Fair market value of the plan's assets Filer Fiscal year Foreign entity (1) Is not a contributing sponsor of a plan; (2) Is not organized under the laws of (or, if an individual, is not a domiciliary of) any state (as defined in section 3(10) of ERISA); and (3) For the fiscal year that includes the information year, meets one of the following tests— (i) Is not required to file any United States Federal income tax form; (ii) Has no income reportable on any United States Federal income tax form other than passive income not exceeding $1,000; or (iii) Does not own substantial assets in the United States (disregarding stock of a member of the plan's controlled group) and is not required to file any quarterly United States income tax returns for employee withholding. 4010 funding target attainment percentage Funding target Information year Valuation date [61 FR 34022, July 1, 1996, as amended at 74 FR 11029, Mar. 16, 2009; 81 FR 15439, Mar. 23, 2016; 85 FR 6059, Feb. 4, 2020] § 4010.3 Filing requirement. (a) General. http://www.pbgc.gov. (b) Single controlled group submission. [70 FR 11544, Mar. 9, 2005, as amended at 74 FR 11029, Mar. 16, 2009] § 4010.4 Filers. (a) General. (1) For any plan (including an exempt plan) maintained by the members of the contributing sponsor's controlled group on the last day of the information year, the 4010 funding target attainment percentage for the plan year ending within the information year is less than 80 percent; (2) Any member of the controlled group fails to make a required installment or other required payment to a plan and, as a result, the conditions for imposition of a lien described in ERISA section 303(k) or 306(g) and Code section 430(k) or 433(g) have been met during the information year, and the required installment or other required payment is not made within ten days after its due date; or (3) Any plan maintained by a member of the controlled group has been granted one or more minimum funding waivers under ERISA section 302(c) and Code section 412(c) totaling in excess of $1 million, and as of the end of the plan year ending within the information year, any portion thereof is still outstanding. (b) 4010 Funding target attainment percentage General. (2) Assets used to determine 4010 funding target attainment percentage. (3) Prefunding balance and funding standard carryover balance elections. (c) Exempt entities. (1) The person is not a contributing sponsor of a plan (other than an exempt plan) as of the last day of the information year. (2) The person has revenue for its fiscal year ending within the controlled group's information year that is five percent or less of the revenue of the person's controlled group for the fiscal year(s) ending within the information year. (3) The person has annual operating income for the fiscal year ending within the controlled group's information year that is no more than the greater of— (i) Five percent of the controlled group's annual operating income for the fiscal year(s) ending within the information year, or (ii) $5 million. (4) The person has net assets at the end of the fiscal year ending within the controlled group's information year that is no more than the greater of— (i) Five percent of the controlled group's net assets at the end of the fiscal year(s) ending within the information year, or (ii) $5 million. (d) Minimum funding waiver General. (2) Example. (e) Certain plans to which special funding rules apply. (1) Section 402(b) of the Pension Protection Act of 2006, Public Law 109-280, dealing with certain frozen plans of commercial passenger airlines and airline caterers. (2) Section 306 of ERISA and section 433 of the Code, dealing with certain defined benefit pension plans maintained by certain cooperatives and charities. [74 FR 11030, Mar. 16, 2009, as amended at 81 FR 15439, Mar. 23, 2016; 85 FR 6059, Feb. 4, 2020] § 4010.5 Information year. (a) Determinations based on information year. (b) General. (c) Controlled group members with different fiscal years. (d) Examples. (1) Example 1. (2) Example 2. (3) Example 3. (e) Special rules for certain plan years. [61 FR 34022, July 1, 1996, as amended at 70 FR 11544, Mar. 9, 2005; 74 FR 11031, Mar. 16, 2009] § 4010.6 Information to be filed. (a) General Current filers. http://www.pbgc.gov. (2) Previous filers. http://www.pbgc.gov (b) Additional information. (c) Previous submissions. [61 FR 34022, July 1, 1996, as amended at 70 FR 11544, Mar. 9, 2005; 74 FR 11031, Mar. 16, 2009] § 4010.7 Identifying information. (a) Filers. http://www.pbgc.gov, (1) Current members; individual member information. (i) The name, address, and telephone number of the entity; (ii) The nine-digit Employer Identification Number (EIN) assigned by the IRS to the entity (or if there is no EIN for the entity, an explanation); and (iii) If the entity became a member of the controlled group during the information year, the date the entity became a member of the controlled group. (2) Current members; legal relationships of members. (i) Ten or fewer members (excluding exempt entities), the legal relationship of each entity to the plan sponsor (for example, parent, subsidiary). (ii) More than ten members (excluding exempt entities), an organizational chart or other diagram showing the members of the filer's controlled group as of the end of the filer's information year and the legal relationships of the members to each other. Exempt entities may, but need not, be included in this organizational chart or diagram. (3) Former members. (b) Plans. http://www.pbgc.gov (1) Current plans. (i) The name of the plan; (ii) The EIN and the three-digit Plan Number (PN) assigned by the contributing sponsor to the plan (or if there is no EIN or PN for the plan, an explanation); (iii) If the EIN or PN of the plan has changed during the filer's information year, the previous EIN or PN and an explanation; (iv) If the plan was not maintained by the controlled group immediately before the filer's information year, the date the plan was first maintained by the controlled group during the information year; (v) If, as of any day during the information year, the plan was frozen (for eligibility or benefit accrual purposes), a description of the date and the nature of the freeze (e.g., service is frozen but pay is not); and (vi) In the case of a multiple employer plan, a list of the contributing sponsors as of the end of the plan year ending within the filer's information year, including the name, employer identification number, contact information, fiscal year, and a statement as to whether each contributing sponsor is a publicly-traded company; and (2) Former plans. [70 FR 11544, Mar. 9, 2005, as amended at 74 FR 11031, Mar. 16, 2009; 85 FR 6059, Feb. 4, 2020] § 4010.8 Plan actuarial information. (a) Required information. http://www.pbgc.gov, (1) The number of— (i) Retired participants and beneficiaries receiving payments, (ii) Terminated vested participants, and (iii) Active participants; (2) The fair market value of the plan's assets (excluding any contributions received after year-end); (3) The amount of benefit liabilities under the plan, setting forth separately the amount of the liabilities attributable to retired participants and beneficiaries receiving payments, terminated vested participants, and active participants, determined, for this purpose in accordance with paragraph (d) of this section; (4) A description of the actuarial assumptions used to determine the benefit liabilities in paragraph (a)(3) of this section; (5) The at-risk funding target for the plan year ending within the information year determined under ERISA section 303(i) and Code section 430(i)— (i) As if the plan has been in at-risk status for a consecutive period of at least five years, and (ii) Without regard to the interest rate stabilization provisions of ERISA section 303(h)(2)(C)(iv) and Code section 430(h)(2)(C)(iv); (6) The 4010 funding target attainment percentage (as of the valuation date) for the plan year ending within the information year; (7) The adjusted funding target attainment percentage as defined in ERISA section 206(g)(9)(B) and Code section 436(j)(2) for the plan year ending within the information year; (8) Whether the plan, at any time during the plan year, was subject to any of the limitations described in ERISA section 206(g) and Code section 436, and, if so, which limitations applied, when such limitations applied, and when (if applicable) they were lifted; (9) Whether a required installment or other required payment to the plan was not made, and, as a result, a lien described in ERISA section 303(k) or 306(g) and Code section 430(k) or 433(g) was triggered during the information year, and the required installment or other required payment was not made within ten days after its due date; (10) Whether any portion of the total minimum funding waiver(s) in excess of $1 million granted with respect to such plan is outstanding; (11) A copy of the actuarial valuation report for the plan year ending within the filer's information year that contains or is supplemented by the following information for that plan year— (i) The funding target calculated pursuant to ERISA section 303 without regard to subsection 303(i)(1) (and Code section 430 without regard to subsection 430(i)(1)), setting forth separately the value of the liabilities attributable to retirees and beneficiaries receiving payment, terminated vested participants, and active participants (showing vested and nonvested benefits separately); (ii) A summary of the actuarial assumptions and methods used for purposes of ERISA section 303 and Code section 430, including the form of payment and benefit commencement date assumptions for all active and deferred vested participants not yet receiving benefits, information on how lump sums are valued (for plans that provide lump sums other than de minimis (iii) The effective interest rate (as defined in ERISA section 303(h)(2)(A) and Code section 430(h)(2)(A)); (iv) The target normal cost calculated pursuant to ERISA section 303 without regard to subsection 303(i)(2) (and Code section 430 without regard to subsection 430(i)(2)); (v) For the plan year and each of the four preceding plan years, a statement as to whether the plan was in at-risk status for that plan year; (vi) In the case of a plan that is in at-risk status, the target normal cost and funding target calculated pursuant to ERISA section 303 and Code section 430 as if the plan has been in at-risk status for five consecutive years; (vii) The value of the plan's assets (reflecting any averaging method) as of the valuation date and the fair market value of the plan's assets as of the valuation date; (viii) The funding standard carryover balance and the prefunding balance (maintained pursuant to ERISA section 303(f)(1) and Code section 430(f)(1)) as of the beginning of the plan year and a summary of any changes in such balances in the past year (e.g., amounts used to offset the minimum funding requirement, amounts reduced in accordance with any elections under ERISA section 303(f)(5) and Code section 430(f)(5), interest credited to such balances, and excess contributions used to increase such balances); (ix) A list of amortization bases (shortfall and waiver) under ERISA section 303 and Code section 430, including the year each base was established, the original amount, the installment amount, and the remaining balance at the beginning of the plan year; (x) An age/service scatter for active participants including average compensation information for pay-related plans and average account balance information for hybrid plans presented in a format similar to that described in the instructions to Schedule SB of the Form 5500; (xi) Expected disbursements (benefit payments and expenses) during the plan year; (xii) A summary of the principal eligibility and benefit provisions on which the valuation of the plan was based (and any changes to those provisions since the previous valuation), along with descriptions of any benefits not included in the valuation, any significant events that occurred during the plan year, and the plan's early retirement factors; in the case of a plan that provides lump sums, other than de minimis lump sums, the summary must include information on how annuity benefits are converted to lump sum amounts (e.g., whether early retirement subsidies are reflected); and (xiii) Any other similar information as specified in instructions on PBGC's Web site, http://www.pbgc.gov; (12) Certification of the actuarial information by an enrolled actuary, as described in the related filing instructions and permitted under 26 CFR 301.6059-1(d). (b) Alternative methods of compliance At-risk funding target. (2) Actuarial valuation report. (i) Including a statement, with the material that is submitted to PBGC, that the filer will file the unavailable information by the alternative due date specified in § 4010.10(b), and (ii) Filing such information (along with a certification by an enrolled actuary under paragraph (a)(12) of this section) with PBGC by that alternative due date. (c) Exempt plan. (1) The plan— (i) Has fewer than 500 participants as of the end of the plan year ending within the information year or as of the valuation date for that plan year and has a 4010 funding shortfall (as defined in § 4010.11(a)(1)) for the plan year ending within the information year that is not in excess of $15 million, or (ii) Has benefit liabilities as of the end of the plan year ending within the filer's information year, (determined in accordance with paragraph (d) of this section) equal to or less than the fair market value of the plan's assets. (2) The plan has received, by or within ten days after the due dates, all required installments or other payments required to be made during the information year under ERISA sections 302 and 303 and Code sections 412 and 430. (3) The plan has no outstanding minimum funding waivers (as described in § 4010.4(a)(3)) as of the end of the plan year ending within the information year. (d) Value of benefit liabilities. (1) Census data Census data period. (ii) Projected census data. (2) Actuarial assumptions and methods. (i) Benefits to be valued. (ii) Actuarial assumptions. Table 1 to Paragraph ( d ii Assumptions: As prescribed in accordance with Interest § 4044.54. Form of payment § 4044.51. Expenses § 4044.52(d). Decrements • Mortality § 4044.53. • Retirement §§ 4044.55 through 4044.58. • Other decrements ( e.g., Either Option 1 or Option 2— Option 1 i.e., Option 2 If there is no distinction between termination and retirement assumptions, reflect only rates for ages before the Earliest PBGC Retirement Date (as defined in § 4022.10 of this chapter). Cash balance plan account conversions Section 204(b)(5)(B)(vi) of ERISA and section 411(b)(5)(B)(vi) of the Code (which deal with the interest crediting rate and annuity conversion rates), as if the plan terminated on the last day of the plan year ending within the filer's information year. Expected improvements in mortality experience that apply under the plan for periods after the information year may be disregarded for valuing benefit liabilities for 4010 reporting purposes. Other ( e.g., Use the same assumptions as used to determine the minimum required contribution under section 303 of ERISA and section 430 of the Code for the plan year ending within the filer's information year. (iii) Future service. (3) Special actuarial assumptions for exempt plan determination. (e) Examples. (1) Example 1 Facts. (ii) Determination of XRA. (iii) Determination of Benefit Liabilities. (2) Example 2. (3) Example 3 Facts. (ii) Determination of XRA. (iii) Determination of benefit liabilities. (4) Example 4. (f) Multiple employer plans. (g) Previous filing for plan year. (h) Plans subject to special funding rules. (1) In the case of a plan year for which a plan is subject to section 402(b) of the Pension Protection Act of 2006, Public Law 109-280, dealing with certain frozen plans of commercial passenger airlines and airline caterers, the plan must meet the requirements in connection with the actuarial valuation report in accordance with instructions on PBGC's Web site, http://www.pbgc.gov. (2) In the case of a plan year for which the application of new funding rules is deferred for a plan under section 104 of the Pension Protection Act of 2006, Public Law 109-280, as amended by the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010, Public Law 111-192, dealing with eligible charity plans and plans of certain rural cooperatives, the plan must meet the requirements in paragraph (a)(5) of this section (in connection with the actuarial valuation report) in effect as of December 31, 2007. (3) In the case of a plan year for which a plan is subject to the Cooperative and Small Employer Charity Pension Flexibility Act, Public Law 113-97, dealing with certain defined benefit pension plans maintained by more than one employer, the plan must meet the requirements in connection with the actuarial valuation report in accordance with instructions on PBGC's Web site, http://www.pbgc.gov. [74 FR 11031, Mar. 16, 2009, as amended at 81 FR 15439, Mar. 23, 2016; 85 FR 6059, Feb. 4, 2020; 89 FR 48299, June 6, 2024; 90 FR 39327, Aug. 15, 2025] § 4010.9 Financial information. (a) General. http://www.pbgc.gov (1) Audited financial statements for the fiscal year ending within the information year (including balance sheets, income statements, cash flow statements, and notes to the financial statements); (2) If audited financial statements are not available by the date specified in § 4010.10(a), unaudited financial statements for the fiscal year ending within the information year; or (3) If neither audited nor unaudited financial statements are available by the date specified in § 4010.10(a), copies of federal tax returns for the tax year ending within the information year. (b) Consolidated financial statements. (1) The audited consolidated financial statements for the controlled group for the filer's information year or, if the audited consolidated financial statements are not available by the date specified in § 4010.10(a), unaudited consolidated financial statements for the fiscal year ending within the information year; and (2) If the ultimate parent of the controlled group is a foreign entity, financial information on the U.S. entities (other than an exempt entity) that are members of the controlled group. The information required by this paragraph (b)(2) may be provided in the form of consolidated financial statements if the financial information of each controlled group member that is a U.S. entity is combined with the information of other group members that are U.S. entities. Otherwise, for each U.S. entity that is a controlled group member, provide the financial information required in paragraph (a) of this section. (c) Subsequent submissions. (d) Submission of public information. (e) Inclusion of information about non-filers and exempt entities. e.g., [61 FR 34022, July 1, 1996, as amended at 70 FR 11545, Mar. 9, 2005; 74 FR 11034, Mar. 16, 2009; 85 FR 6060, Feb. 4, 2020] § 4010.10 Due date and filing with the PBGC. (a) Due date. (b) Alternative due date. (c) How and where to file. (d) Date of filing. (e) Computation of time. [61 FR 34022, July 1, 1996, as amended at 68 FR 61353, Oct. 28, 2003; 74 FR 11034, Mar. 16, 2009; 88 FR 76664, Nov. 7, 2023] § 4010.11 Waivers. (a) Aggregate funding shortfall not in excess of $15 million waiver. (1) 4010 funding shortfall; in general. (i) The funding target used to calculate the 4010 funding shortfall is determined without regard to the interest rate stabilization provisions of section 303(h)(2)(C)(iv) of ERISA and section 430(h)(2)(C)(iv) of the Code and without regard to the at-risk plan provisions in section 303(i) of ERISA and section 430(i) of the Code. (ii) The value of plan assets used to calculate the 4010 funding shortfall is determined without regard to the reduction under section 303(f)(4)(B) of ERISA and section 430(f)(4)(B) of the Code (dealing with reduction of assets by the amount of prefunding and funding standard carryover balances). (2) Multiple employer plans. (b) Smaller plans waiver General. (2) Multiple employer plans. (c) Missed contributions resulting in a lien or outstanding minimum funding waivers. (d) Other waiver authority. [81 FR 15440, Mar. 23, 2016, as amended at 85 FR 6060, Feb. 4, 2020] § 4010.12 Alternative method of compliance for certain sponsors of multiple employer plans. (a) In general. (b) PBGC request for additional information. (c) Eligible contributing sponsor. [74 FR 11035, Mar. 16, 2009] § 4010.13 Confidentiality of information submitted. In accordance with § 4901.21(a) of this chapter and ERISA section 4010(c), any information or documentary material that is not publicly available and is submitted to PBGC pursuant to this part will not be made public, except as may be relevant to any administrative or judicial action or proceeding or for disclosures to either body of Congress or to any duly authorized committee or subcommittee of the Congress. [61 FR 34022, July 1, 1996. Redesignated and amended at 74 FR 11035, Mar. 16, 2009; 88 FR 76664, Nov. 7, 2023] § 4010.14 Penalties. If all of the information required under this part is not provided within the specified time limit, PBGC may assess a separate penalty under ERISA section 4071 against the filer and each member of the filer's controlled group (other than an exempt entity). PBGC may also pursue other equitable or legal remedies available to it under the law. [61 FR 34022, July 1, 1996, as amended at 62 FR 36994, July 10, 1997. Redesignated and amended at 74 FR 11035, Mar. 16, 2009; 81 FR 29766, May 13, 2016]