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PBGC Statement on Department of Labor’s Statement of Enforcement Policy Regarding Return of Excess Special Financial Assistance Payments


The Pension Benefit Guaranty Corporation (PBGC) strongly supports the repayment of any Special Financial Assistance (SFA) that was paid based on inaccurate census data. PBGC also supports the Department of Labor’s (DOL) position that such repayments would not violate the Employee Retirement Income Security Act or Internal Revenue Code provisions noted in DOL’s Statement of Enforcement Policy. PBGC has a full census data audit underway for SFA plans that were previously approved, and is committed to facilitating the return of excess payments.

About PBGC

PBGC protects the retirement security of over 31 million American workers, retirees, and beneficiaries in both single-employer and multiemployer private sector pension plans. The agency’s two insurance programs are legally separate and operationally and financially independent. PBGC is directly responsible for the benefits of nearly 1.4 million participants and beneficiaries in failed single-employer pension plans. The Single-Employer Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. The Multiemployer Program is financed by insurance premiums and investment income. Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer monies.

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