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ARTICLE · 11 JULY 2022

PBGC Institutes Major Changes In Its Special Financial Assistance Final Rule

Littler Mendelson
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On July 7, 2022, the Pension Benefit Guaranty Corporation (PBGC), the independent federal corporation that insures private-sector defined benefit plans under Title IV of the Employee Retirement...

United StatesEmployment and HR
Sarah Bryan Fask
Sarah Bryan Fask
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On July 7, 2022, the Pension Benefit Guaranty Corporation (PBGC), the independent federal corporation that insures private-sector defined benefit plans under Title IV of the Employee Retirement Income Security Act of 1974 (ERISA), announced its final rule setting requirements and procedures for the Special Financial Assistance (SFA) program for financially troubled multiemployer plans. The final rule will replace PBGC's interim final rule (IFR)1 that has been in place for nearly a year and under which 41 plans have applied for SFA. As of July 6, 2022, PBGC has already approved SFA to 27 plans totaling over $6.7 billion. The final rule will go into effect on August 7, 2022, 30 days after its July 8 publication in the Federal Register.

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