"The Rule largely adopts the proposed rule PBGC published in 2011... Specifically, the Rule [1] incorporates the definition of [unpredictable contingent event benefits (UCEB)] that is used under ERISA Section 206(g)(1)(C) and Treasury Regulation Section 1.436-1(j)(9); and [2] provides that PBGC's guarantee of UCEBs is phased-in from the latest of (i) the benefit provision's adoption date; (ii) the provision's effective date; or (iii) the date the [unpredictable contingent event] occurs.... PBGC will determine whether a benefit is a UCEB based on the facts and circumstances. The substance of the benefit, not what it is called, determines whether it will be considered a UCEB by PBGC. Also, the Rule clarifies that a UCEB does not cease to be a UCEB for phase-in purposes merely because the UCE has already occurred or its occurrence has become reasonably predictable."  MORE >>