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ARTICLE · 26 JULY 2022

Big Changes For Employers Participating In Multiemployer Plans

Seyfarth Shaw LLP
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y: Ronald Kramer and Seong KimFor employers who participate in multiemployer pension plans, July has been a busy month. The PBGC published its Final Rule (FR) on the Special Financial Assistance (SFA) Program...

United StatesEmployment and HR
Ronald Kramer
Ronald Kramer
Seong Kim
Seong Kim
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Seyfarth Synopsis: Contributing employers to multiemployer pension plans have seen some big developments in July. The PBGC released its new Final Rule on Special Financial Assistance on July 8, 2022, which will help financially troubled plans avoid insolvency, but will now also subject contributing employers to higher withdrawal liability assessments compared to the Interim Final Rule. On the same day that the Final Rule was issued, the D.C. Circuit rejected a plan's use of a risk-free discount rate for calculating withdrawal liability, placing into dispute withdrawal liability discount rates used by many plan actuaries that differ considerably from their funding rate assumptions. Finally, the pending PBGC regulations on prescribed discount rate assumptions are coming soon. Employer beware.

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