PBGC premium overpayments, particularly of the variable-rate premium, are common for a wide variety of reasons and can involve large sums of money. However, if a premium refund is not claimed within the applicable statute of limitations period, which is generally six years, it can no longer be recovered from the PBGC.

Keightley & Ashner LLP offers a service that can identify significant premium overpayments. There is no charge for our service unless we identify an overpayment, the client chooses to request a refund, and the PBGC grants the request. Our fee would then be 25% of the amount refunded or credited.

The review takes very little of the client’s time. We start by gathering existing documentation from the client (typically the plan document, premium filings, Form 5500/Schedule B filings, and actuarial valuation reports). We then conduct a detailed review, taking into account all PBGC regulatory and other guidance on premiums, to determine whether there were overpayments over the past six years. If we have questions or need further information, we will check with the client and (if the client approves) the actuary or other outside advisor.

When we have completed our review, which will generally take no more than a month, we will provide the client with a report containing any findings. It is then up to the client whether to proceed with a refund request or to terminate the engagement with no charge for the services performed.