By: Hazel Bradford
Source: Pensions & Investments
The Pension Benefit Guaranty Corp.’s interim final rule about how underfunded multiemployer plans can get special financial assistance is getting mixed reviews.
The assistance was part of the American Rescue Plan Act of 2021 enacted in March and provides an estimated $94 billion in federal assistance grants for the most at-risk plans to pay benefits, if it will help them survive for 30 years.
The interim final rule, issued July 9, provides the formula for determining how much financial assistance the PBGC will pay to an eligible plan and establishes the order of priority for applications.