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Statement on PBGC OIG Risk Advisory on Special Financial Assistance Final Rule

For Immediate Release

The Special Financial Assistance (SFA) Program, established under the American Rescue Plan Act of 2021, provides funds to severely underfunded multiemployer pension plans and ensures that millions of workers, retirees, and their families receive the pension benefits they earned through many years of hard work.

PBGC has worked diligently to implement the SFA Program by issuing regulations and guidance, developing internal controls to mitigate risks, processing applications for special financial assistance, and by keeping stakeholders, the public and Congress informed.

Working with our Board agencies, PBGC promulgated the SFA Final Rule, which PBGC and its Board strongly feel was appropriately constructed to achieve the core statutory directive to provide severely underfunded multiemployer pension plans with sufficient assets to pay benefits through 2051.

We will of course continue to cooperate and answer any questions on any issues raised by our oversight community.

PBGC will continue to comply with our statutory obligations to receive, review and approve or deny SFA applications within the 120-day review period. SFA applicants remain able to submit applications by following the instructions available at American Rescue Plan Act of 2021 - More Resources.

PBGC remains committed to ensuring the successful implementation of the SFA Program.

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