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ARTICLE · 13 JULY 2021

PBGC Issues Interim Final Rule On The American Rescue Plan Act's Special Financial Assistance Program

Littler Mendelson
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On July 9, 2021, the Pension Benefit Guaranty Corporation issued its interim final rule implementing the Special Financial Assistance (SFA) program passed in March 2021 as part of...

United StatesEmployment and HR
Sarah Bryan Fask
Sarah Bryan Fask
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On July 9, 2021, the Pension Benefit Guaranty Corporation issued its interim final rule implementing the Special Financial Assistance (SFA) program passed in March 2021 as part of President Biden's American Rescue Plan Act of 2021. The SFA program is designed to address the immediate financial crisis facing certain multiemployer plans. The PBGC estimates that through the SFA program it will provide $94 billion to more than 200 plans, impacting over three million participants and their beneficiaries.

The program is funded by the Department of Treasury's general revenue, not PBGC premiums. PBGC established six priority groups to determine the order in which eligible fund applications may be received. Applications from the highest priority funds may be filed as of July 9, 2021, and eligible funds may submit applications through December 31, 2025.

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