On March 8, 2023, the Pension Benefit Guaranty Corporation posted guidance for eligible multiemployer plans seeking to apply for Special Financial Assistance during the non-priority group application period, which began on March 11, 2023. In recognition of its capacity constraints, the PBGC has temporarily closed the e-Filing portal and is accepting requests to be placed on a waiting list for plans seeking to apply for SFA. Additional guidance on the non-priority group application process can be found on the PBGC’s website: https://www.pbgc.gov/arp-sfa/sfa-application-guidance-non-priority-group-plans
Keyword: Pension
American Rescue Plan Act of 2021 – Pension Reform
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 into law. This law includes a financial aid package to provide assistance to underfunded multiemployer pension plans. It also includes changes to single employer and multiemployer funding rules.
For more on the pension provisions of the ARPA, download the TMC Newsletter here: https://www.mckeogh.com/wp-content/uploads/TMC-Pension-News-March-16-2021-ARPA-2021.pdf