[Code of Federal Regulations]
[Title 29, Volume 9]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR4007.7]

[Page 752]
 
                             TITLE 29--LABOR
 
            CHAPTER XL--PENSION BENEFIT GUARANTY CORPORATION
 
PART 4007_PAYMENT OF PREMIUMS--Table of Contents
 
Sec. 4007.7  Late payment interest charges.

    (a) If any premium payment due under this part is not paid by the 
due date prescribed for such payment by Sec. 4007.11, an interest 
charge will accrue on the unpaid amount at the rate imposed under 
section 6601(a) of the Code for the period from the date payment is due 
to the date payment is made. Late payment interest charges are 
compounded daily.
    (b) When PBGC issues a bill for premium payments necessary to 
reconcile the premiums paid with the actual premium due, interest will 
be accrued on the unpaid premium until the date of the bill if paid no 
later than 30 days after the date of such bill. If the bill is not paid 
within the 30-day period following the date of such bill, interest will 
continue to accrue throughout such 30-day period and thereafter, until 
the date paid.
    (c) PBGC bills for interest assessed under this section will be 
deemed paid when due if paid no later than 30 days after the date of 
such bills. Otherwise, interest will accrue in accordance with paragraph 
(a) of this section on the amount of the bill from the date of the bill 
until the date of payment.