The Pension Benefit Guaranty Corporation is a federal government agency that regulates private sector defined benefit pension plans. Recently, it issued a final rule regarding restrictions and conditions under its Special Financial Assistance (SFA) Program for extremely distressed plans. The final rule reflects public comments on the interim rule released in 2021. Final rule changes affect the SFA Program’s measurement date, calculation methodology and permissible investments, as well as how to apply conditions on a plan that merges with a plan receiving SFA. The final rule also alters withdrawal liability conditions for plans that receive SFA. It’s effective August 8, 2022. Call or visit our website for more information! www.mjscpa.com/
