The Pension Benefit Guaranty Corporation (PBGC) published a final rule amending its benefit payment regulation on Tuesday.
The rule amends PBGC's regulation on benefits payable in terminated single-employer plans, which sets forth rules on PBGC's guarantee of pension plan benefits, including rules on the phase-in of the guarantee.
The amendments implement the provision in the Pension Protection Act of 2006 that the phase-in period for the guarantee of benefits related to an "unpredictable contingent event," such as a plant shutdown, begins no earlier than the date of the event.
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