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Text of PBGC Approval of Special Withdrawal Liability Rules: Alaska Electrical Pension Plan of the Alaska Electrical Pension Fund
Pension Benefit Guaranty Corporation [PBGC] [Official Guidance] Sept. 26, 2018 "The Plan's proposed amendment would be effective for withdrawals occurring on or after January 1, 2017, and would create special withdrawal liability rules for employers contributing to the Plan whose employees work under a contract or subcontract with federal government agencies governed by the Service Contract Act ... provided that substantially all of the employees for whom the employer is required to make a contribution work under a service contract.... PBGC has determined that the plan amendment adopting the special withdrawal liability rules will apply only to an industry that has characteristics that would make the use of special withdrawal liability rules appropriate, and [2] will not pose a significant risk to the insurance system. Therefore, PBGC hereby grants the Plan's request[.]" |
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