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B-334462 Jul 15, 2022 1 (2022-07-15)

handle is hein.gao/gaonkb0001 and id is 1 raw text is: G U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-334462 July 15, 2022 The Honorable Patty Murray Chairwoman The Honorable Richard Burr Ranking Member Committee on Health, Education, Labor, and Pensions United States Senate The Honorable 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 8, 2022. It was published in the Federal Register as a final rule with request for comment on July 8, 2022. 87 Fed. Reg. 40968. The effective date is August 8, 2022. According to PBGC, the final rule makes changes to regulations promulgated in the previous interim final rule, 86 Fed. Reg. 36598 (July 12, 2021), including provisions for special financial assistance in a plan's determination of withdrawal liability. PBGC stated that the prior interim final rule addressed requirements for special financial assistance applications and related restrictions and conditions pursuant to the American Rescue Plan Act of 2021, Pub. L. No. 117-2, 135 Stat. 4 (Mar. 11, 2021). The Congressional Review Act (CRA) requires a 60-day delay in 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. § 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 determined it had good cause to waive the delay in effective date because of the urgent need for the special financial assistance program and to get appropriate financial assistance to eligible plans quickly. PBGC stated an earlier effective date allows eligible plans to apply for and receive the special financial assistance under the terms of the final rule without unnecessary delay. PBGC further stated plans that already applied for, or received, the special financial assistance before the effective date of the final rule will be able to apply for any greater amount of the special financial

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