In July, the Pension Benefits Guarantee Corporation (PBGC) hosted a couple of webinars on the special financial assistance (SFA) for financially troubled multiemployer plans that was provided by the American Rescue Plan Act (ARPA). The ARPA authorized PBGC to provide SFA to multiemployer pension plans that are in critical and declining or critical status, were approved to suspend benefits under the Multiemployer Pension Reform Act of 2014, or became insolvent after December 16, 2014, but have not been terminated. (See the July 22, 2021, edition of Compliance Corner for more information on the SFA provided through the ARPA.)
The two webinars hosted by the PBGC provided detailed information on the SFA, including the application and review process for plans seeking to claim SFA. They also provided information on the filing process, specifically showing attendees how to complete a filing.
Multiemployer plan sponsors that will seek to apply for SFA funds should review these webinars for pertinent information.
SFA Briefing Webinar 1 » SFA Briefing Webinar 2 »
PPI Benefit Solutions does not provide legal or tax advice. Compliance, regulatory and related content is for general informational purposes and is not guaranteed to be accurate or complete. You should consult an attorney or tax professional regarding the application or potential implications of laws, regulations or policies to your specific circumstances.
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