About the Course
Introduction
This CLE course will provide a thorough and practical guide for employers, investors, employee benefits counsel and plan personnel seeking to understand withdrawal liability in general as well as the anticipated impact of the PBGC'’s final interim rule on contributing employers that participate in funds receiving special financial assistance (SFA).
Description
On July 9, 2021, the PBGC issued an interim final rule for the SFA program in the American Rescue Plan Act. The new regulations provide guidance on the application process for the SFA along with critical changes to multiemployer withdrawal liability rules.
The new regulations provide guidance on the application process for the SFA, related restrictions, and requirements. This program provides eligible plans funds required to pay all benefits due to the last day of the plan year ending in 2051 in one payment. In addition, the new rules provide significant changes to employer withdrawals, calculations, assumptions, and settlements for plans receiving SFA.
Listen as our panel discusses the new regulations and guidance on the application process for SFA, plan eligibility, limitations on reductions in contributions, investment restrictions, and new withdrawal liability rules and key considerations for participating employers under the new regulations.
Presented By
Mr. French is leader of the firm’s employee benefits and executive compensation group. His employee benefits practice covers a wide range of traditional executive compensation and employee benefits matters along with a variety of inter-disciplinary practice areas and industries that are affected by executive compensation and employee benefits laws. Mr. French regularly works with clients to design, implement and maintain equity compensation plans, long-term incentive plans, bonus programs and non-qualified deferred compensation arrangements for executives, employees and non-employee directors. He also advises and represents executives, boards of directors and compensation committees in the negotiation and drafting of employment, severance, retirement, termination and change in control agreements. Mr. French also has extensive experience advising clients on the impact of Code Section 409A on executive compensation arrangements and has assisted clients utilize IRS programs to correct plan deficiencies or operation errors.
Mr. Wynne practices in the firm's tax and employee benefits department, where he advises public and private clients with respect to the design and administration of retirement and welfare plans, compensation arrangements, and compliance requirements. He is a published author on employee benefits issues.
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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Date + Time
- event
Tuesday, September 14, 2021
- schedule
1:00 p.m. ET./10:00 a.m. PT
- Overview of new PBGC interim final rule
- New special financial assistance program
- Determining eligibility
- Calculating SFA and disregarded events
- Application process, priority groups, deadlines
- Restrictions on use and investments
- New withdrawal liability rules
- Next steps for multiemployer plans and participating employers
The panel will review these and other key issues:
- What is withdrawal liability and how is it triggered?
- How is withdrawal liability calculated and assessed?
- What are an employer's rights and responsibilities when it is assessed withdrawal liability?
- How is withdrawal liability handled in a business transaction?
- How will the SFA program work?
- What are the key provisions of the PBGC interim final rule impacting withdrawal liability?
- What is the impact on withdrawal liability calculations, interest assumptions, and settlements?
- What are the next steps for multiemployer plans and participating employers?
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