As we previously reported, the American Rescue Plan Act of 2021 (ARPA) was signed into law on March 11, 2021, requiring, among other things, the Pension Benefit Guaranty Corporation (PBGC) to issue its implementing regulations by July 9, 2021. As promised, PBGC issued an interim final rule, 86 Fed. Reg. 36598 (July 12, 2021) (the IFR), on a major element of the rescue plan―the Special Financial Assistance Program (SFA)―intended to provide a one-time payment to the estimated 200 most financially troubled multiemployer pension plans to help them survive and pay pensions through ...
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (“ARPA”). ARPA is the latest COVID-19-related stimulus legislation passed by Congress, but, unlike prior legislation, ARPA provides expansive funding rule changes and significant financial assistance to deeply underfunded multiemployer pension plans, including a one-time payment to certain plans from the Pension Benefit Guaranty Corporation (“PBGC”) without any repayment obligations.
ARPA’s provisions regarding multiemployer pension plans focus primarily on the plans ...
Blog Editors
Recent Updates
- Pumping the Brakes: New York Seeks to Curb AI Acceleration in Labor Market
- Video: California Governor’s PAGA Deal: What Employers Need to Know - Employment Law This Week
- Act Now: New York Employers Must Provide Paid Lactation Breaks to Employees
- Supreme Court Overturns Chevron—but for Stakeholders, the Impact Is No Cause for Alarm
- Fifth Circuit Narrows Application of the Crime-Fraud Exception to the Attorney-Client Privilege in Investigations