You have conducted your Death Audit based on the PBGC guidelines. You have gone through the SFA application checklist, and you finally receive an approval notice from the PBGC for your requested SFA funds. Now what? Although the PBGC does not expect SFA fund recipients to repay the awarded cash, these funds come with a catch. There are several terms and conditions that apply to awarded SFA funds. Many of these can be found [...]
Pension plans nationwide are taking advantage of Special Financial Assistance (SFA) funds granted to eligible recipients by the Pension Benefit Guaranty Corporation (PBGC) – a federally chartered corporation created by the Employee Retirement Income Security Act (ERISA) to encourage the continuation and maintenance of pension plans and funds. The program was created to rescue severely underfunded multiemployer pension plans who are projected to be insolvent prior to 2051, to ensure that the millions of retirees [...]