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PBGC Staff Says Transactions That Reduce Premiums May Be Improper 'Form Over Substance'
Groom Law Group [Guidance Overview] July 26, 2018 "[The PBGC staff has] posted an interpretation on the PBGC's website [under the heading 'Premiums']... addressing its position on how PBGC premiums would be determined under a two-step spinoff and termination transaction ... PBGC Staff expressed concern that the transaction would implicate a federal common law doctrine that looks to 'the substance and not the form of a transaction,' and suggested that the transaction, and similar types of transactions, 'should be disregarded and premiums assessed as if such transaction had not occurred.' ... It is not yet clear whether PBGC will undertake an enforcement initiative in this area or propose a change in its regulations." |
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