Examples of My PAA in a sentence
If you pay outside of My PAA, you may pay by electronic funds transfer (ACH or Fedwire), paper check or on-line via www.pay.gov.
If you checked the box “Yes,” enter the My PAA generated confirmation number for the premium filing for this plan year (see filing receipt).
If you choose to pay within My PAA, your payment will be made by an electronic funds transfer using Automated Clearing House (ACH).
Paying PremiumsAlthough e-filing of premium information through My PAA is mandatory, premium payments may be made either within My PAA or outside of My PAA.
Alternatively, you may use approved private-sector software to prepare a filing and then “upload” the filing via My PAA.
A debit block is the most common reason for failed ACH payments, and the most common reason late premium payment penalties are assessed.Currently, PBGC has two Company ID numbers, one for payments made within My PAA, and one for payments made outside of My PAA.
Note that My PAA and most private sector software will pre-populate this information with respect to your plan.c Check the applicable box to indicate the type of transfer.
In addition, in some cases, the software may perform certain calculations instead of requiring that you manually enter each required data element.The “Online Premium Filing (My PAA)” section of PBGC’s website provides detailed, and often more up to date, information about My PAA.
When a filing is routed to another person, My PAA will send that person an e-mail (with instructions if entered) notifying them that they have been routed a filing requiring them to take action and that they are now “holding” that filing.
Similarly, if you revoke an election, you may not make a new election to use the Alternative Premium Funding Target until five years have passed.If you are not sure if an election is in effect or when an election first took effect, you can find out by viewing your account history in My PAA, by clicking the “Account History” link from the Plan Details page.See “How to Determine Unfunded Vested Benefits” section for more information on elections and revocations.