The U.S. Supreme Court recently overturned the decades-old Chevron doctrine of judicial deference to a federal agency’s interpretation of an ambiguous statute. (See “Go Fish! U.S. Supreme Court Overturns ‘Chevron Deference’...more
In a prior alert, we detailed how the Interim Final Rule (IFR) from the Pension Benefit Guaranty Corporation (PBGC) regarding the special financial assistance (SFA) provided under American Rescue Plan Act of 2021 (ARPA) would...more
The Pension Benefit Guaranty Corporation has issued a Final Rule implementing the special financial assistance provisions of the American Rescue Plan Act to help financially troubled multiemployer pension plans. The Final...more
On July 6, the Pension Benefit Guaranty Corporation (PBGC) issued the Final Rules (Final Rules) implementing the Special Financial Assistance Program (SFA) enacted by Congress as part of the American Rescue Plan Act of 2021...more
On July 8, 2022 the Pension Benefit Guaranty Corporation (“PBGC”) published its final regulation implementing the Special Financial Assistance (“SFA”) program for multiemployer pension plans under the American Rescue Plan Act...more
The American Rescue Plan Act of 2021 created a significant new special financial assistance program administered by the Pension Benefit Guaranty Corporation for certain troubled multiemployer pension plans. Shortly after...more
Seyfarth Synopsis: On July 8, 2022, the Pension Benefit Guaranty Corporation (“PBGC”) published its final rule (“Final Rule”) on the Special Financial Assistance (“SFA”) Program established under the American Rescue Plan Act...more
On July 8, 2022, the Pension Benefit Guaranty Corporation (“PBGC”) published its much anticipated final rule on the special financial assistance (“SFA”) available to certain troubled multiemployer plans under the American...more
Nuclear Fallout. U.S. Senate Majority Leader Chuck Schumer deployed the so-called “nuclear option” this week by seeking to eliminate the legislative filibuster as applied to election reform legislation. (This procedure is...more
As we previously reported, on July 9, 2021, the PBGC issued an interim final rule pursuant to the American Rescue Plan Act of 2021 (“ARP”) explaining how it intends to calculate the special financial assistance for...more
As 2021 winds down, retirement plan sponsors should confirm that their plan documents are amended by December 31, 2021, to comply with certain plan changes: • Hardship Distributions. 401(k) plans and 403(b) plans must be...more
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...more
This episode of The Proskauer Benefits Brief is the second of our three-part series analyzing the Pension Benefit Guaranty Corporation (PBGC) guidance on the new special financial assistance program for troubled multiemployer...more
The American Rescue Plan Act of 2021 (ARPA) provides “special financial assistance” (SFA) for certain troubled multiemployer defined benefit pension plans (MEPPs). Although ARPA outlined the big picture of how these troubled...more
This episode of The Proskauer Benefits Brief is the first of our three-part series analyzing the Pension Benefit Guaranty Corporation (PBGC) guidance on the new special financial assistance program for troubled multiemployer...more
For employers who contribute to financially-troubled multiemployer pension plans (multiemployer plans), a lot has changed in the last six months. In March, Congress passed the American Rescue Plan Act of 2021 (ARP) which...more
The Pension Benefit Guaranty Corporation has issued an interim final rule implementing the special financial assistance provisions of the American Rescue Plan Act to assist financially troubled multiemployer pension plans....more
Dems to Push PRO Act in Massive Legislative Package. Congressional Democrats this week announced that they would unilaterally advance a $3.5 trillion “human infrastructure” package (providing for paid family and medical...more
As we previously reported, the American Rescue Plan Act of 2021 (“ARPA”) created a special financial assistance program that is administered by the Pension Benefit Guaranty Corporation (“PBGC”) and intended to extend the...more
Multiemployer pension plans are collectively bargained defined-benefit employee benefit plans that are funded by several unrelated employers for the benefit of unionized employees. In recent years, the crisis of significantly...more
Many employers in the retail, construction, service, entertainment, manufacturing and transportation industries contribute to multiemployer defined benefit pension plans (MEPs) on behalf of their unionized employees. A large...more
Seyfarth Synopsis: On July 9, 2021, the PBGC issued its interim final rule on ARPA’s Special Financial Assistance Program for financially troubled multiemployer pension plans. The new regulations provide guidance on the...more
On July 9, 2021, the Pension Benefit Guaranty Corporation (PBGC) issued its interim final rule on the process for eligible troubled Multiemployer Pension Plans (MEPPs) to apply for and obtain Special Financial Assistance...more
On July 9, 2021, the Pension Benefit Guaranty Corporation issued its interim final rule implementing the Special Financial Assistance (SFA) program passed in March 2021 as part of President Biden’s American Rescue Plan Act of...more
In the clamor that surrounded the current administration’s adoption of the American Rescue Act of 2021 (ARPA), quietly tucked in as Subtitle H is the Butch Lewis Emergency Pension Plan Relief Act of 2021 (Butch Lewis). Butch...more