Bending the Rules Plan Sponsor (12/01) Vol. 15, No. 15 p.72; England, Robert Stowe
Plan trustees and service providers were thrust into a financial and record-keeping nightmare after the Sept. 11 terrorist attacks, and according to ACLI chief counsel for securities Carl Wilkerson, some faced the prospect of selling into falling markets after Sept. 11. In turn, the Labor Department, the Internal Revenue Service, and the Pension Benefit Guarantee Corp. (PBGC) moved to provide regulatory relief and guidance to plan sponsors and participants affected by the attacks. Congressional members are also evaluating whether to widen the geographic area within which plans are eligible for some regulatory relief. The measures being considered include extending the deadlines to file Form 5500s and make PBGC premium payments.