New PBGC Interim Final Rule: Special Financial Assistance, Withdrawal Liability Rules, Contribution Obligations

Strafford

This CLE webinar will provide a thorough and practical guide to employee benefits counsel on navigating the PBGC's final interim rules for the special financial assistance (SFA) program for multiemployer plans. The panel will discuss the new regulations and guidance on the application process for SFA, plan eligibility, limitations on reductions in contributions, increases in benefits, and investment restrictions. The panel will also discuss the new withdrawal liability rules and key considerations for participating employers under the new regulations.

Description

On July 9, 2021, the PBGC issued an interim final rule for the SFA program in the American Rescue Plan Act. The new regulations provide guidance on the application process for the SFA along with critical changes to multiemployer withdrawal liability rules.

The new regulations provide guidance on the application process for the SFA, related restrictions, and requirements. This program provides eligible plans funds required to pay all benefits due to the last day of the plan year ending in 2051 in one payment. Employee benefits counsel must navigate the application process and become well versed in the requirements and necessary documentation in accord with new Section 4262 of the PBGC.

In addition, the new rules provide significant changes to employer withdrawals, calculations, assumptions, and settlements for plans receiving SFA.

Listen as our panel discusses the new regulations and guidance on the application process for SFA, plan eligibility, limitations on reductions in contributions, investment restrictions, and new withdrawal liability rules and key considerations for participating employers under the new regulations.

Outline

1. Overview of new PBGC interim final rule
2. New special financial assistance program
   1. Determining eligibility
   2. Calculating SFA and disregarded events
   3. Application process, priority groups, deadlines
   4. Restrictions on use and investments
3. New withdrawal liability rules
4. Next steps for multiemployer plans and participating employers

Faculty

Taylor Wedge French, Partner, McGuireWoods

Robert B. Wynne, Attorney, McGuireWoods

More Information, How to Register