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Final Rule Issued on Phase-In of PBGC Guarantee for Shutdown Pensions
McGuireWoods Link to more items from this source
[Guidance Overview]
May 8, 2014

"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."

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