BarbriSFCourseDetails
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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    ERISA

Date & Time
  • event Date

    Tuesday, September 14, 2021

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00

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).

Faculty

Wynne Robert
Shareholder
Mcguire Woods LLP

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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French Taylor
Shareholder
Mcguire Woods LLP

Mr. French's 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. He 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 has extensive experience in the creation and maintenance of all manner of tax-qualified retirement plans and advises and negotiates executive compensation and employee benefits matters relating to private equity, mergers and acquisitions, and other corporate transactions. 

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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.

Outline

  1. Overview of new PBGC interim final rule
  2. New special financial assistance program
    • Determining eligibility
    • Calculating SFA and disregarded events
    • Application process, priority groups, deadlines
    • Restrictions on use and investments
  3. New withdrawal liability rules
  4. Next steps for multiemployer plans and participating employers

Benefits

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?