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B-333446 Jul 26, 2021 1 (2021-07-26)

handle is hein.gao/gaomcd0001 and id is 1 raw text is: 1Oo U.S. GOVERNMENT ACCOUNTABILITY OFFICE A Century of Non-Partisan Fact-Based Work 441 G St. N.W. Washington, DC 20548 B-333446 July 26, 2021 The Honorable Patty Murray Chair The Honorable Richard Burr Ranking Member Committee on Health, Education, Labor, and Pensions United States Senate The Honorable Robert C. Bobby Scott Chairman The Honorable Virginia Foxx Ranking Member Committee on Education and Labor House of Representatives Subject: Pension Benefit Guaranty Corporation: Special Financial Assistance by PBGC Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Pension Benefit Guaranty Corporation (PBGC) entitled Special Financial Assistance by PBGC (RIN: 1212-AB53). We received the rule on July 12, 2021. It was published in the Federal Register as an interim final rule; request for comments on July 12, 2021. 86 Fed. Reg. 36598. The effective date is July 12, 2021. According to PBGC, this interim final rule adds to the regulations of PBGC the requirements under section 9704 of the American Rescue Plan Act of 2021 (ARPA), Special Financial Assistance Program for Financially Troubled Multiemployer Plans. See generally Pub .L. No.117-2, § 9704, 134 Stat. 4, 190-191 (Sept. 2, 1974) (amending the Employee Retirement Income Security Act of 1974 (ERISA)). According to PBGC, this program enhances retirement security for millions of Americans by providing eligible multiemployer defined benefit pension plans with special financial assistance (SFA) in the amounts required for the plans to pay all benefits due during the period beginning on the date of payment of SFA through the plan year ending in 2051. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. §§ 553(b)(3)(B), 801(a)(3)(A). The 60-day delay in effective date can be waived, however, if the agency finds for good cause that delay is impracticable, unnecessary, or contrary to the public interest, and the agency incorporates a statement of the findings and its reasons in the rule issued. 5 U.S.C. § 808(2). PBGC stated that the immediate effective date for this interim final rule is necessary based on a mandate under the amendments to ERISA, enacted in ARPA, to issue regulations or guidance setting forth the requirements for SFA applications within 120 days of the date of enactment of ARPA. According to PBGC, this short statutory deadline will allow eligible plans, particularly plans that are close to insolvency or already insolvent, to begin applying for much needed financial assistance. Thus, under the

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