PBGC's Interim Final Rule Implements the Special Financial Assistance Program (SFAP) and IRS Notice 2021-38 Provides Related Guidance | Practical Law
The Pension Benefit Guaranty Corporation (PBGC) issued an interim final rule (IFR) that implements the new Special Financial Assistance Program for severely underfunded multiemployer pension plans. The Program was created by the American Rescue Plan Act of 2021 (ARPA-21). Additionally, the Internal Revenue Service (IRS) issued Notice 2021-38, which provides guidance for multiemployer pension plans that receive financial assistance under the Program.