Under section 4262 of the Employee
Retirement Income Security Act of 1974 (ERISA) PBGC administers a
Special Financial Assistance program for financially troubled
multiemployer plans. The statute sets forth the requirements for
this program, including specifying which plans are eligible to
apply, the cutoff date for applications, actuarial assumptions,
determinations on applications, restrictions and conditions on
plans that receive SFA, and the requirements for certain plans with
suspended benefits to reinstate those benefits and provide make-up
payments to restore previously suspended benefits. Unlike financial
assistance under section 4261 of ERISA, which is provided in the
form of a loan and in periodic payments, a plan receiving SFA under
section 4262 has no obligation to repay SFA. This information
collection contains the requirements necessary to implement the SFA
program and to provide proper stewardship of taxpayer funds. These
information requirements include: • An application for SFA
(including calculating the amount of SFA) that the plan sponsor of
an eligible multiemployer plan must file with PBGC to receive
payment of SFA. PBGC needs the information in the application to
review a plan’s eligibility for SFA, priority group status (if
applicable), and amount of requested SFA. • A lock-in application
that plan may, but is not required, to use to lock in its base
data. PBGC needs the information in the lock-in application to
garner a plan's base data when the plan files a full application
for SFA> • An Annual Statement of Compliance (with the
restrictions and conditions under section 4262 of ERISA and 29 CFR
part 4262) that a plan that has received SFA is required to file
with PBGC. PBGC needs the information in the Annual Statement of
Compliance to ensure that a plan is compliant with the imposed
restrictions and conditions. • A notice of reinstatement that a
plan sponsor of a plan with benefits that were suspended under
sections 305(e)(9) or 4245(a) of ERISA must issue to participants
and beneficiaries whose benefits are reinstated. Participants and
beneficiaries need the notice of reinstatement to better understand
the calculation and timing of their reinstated benefits and, if
applicable, make-up payments. • A request for a determination from
PBGC for approval for an exception under certain circumstances for
SFA conditions under § 4262.16 relating to reductions in
contributions, transfers or mergers, benefit increases, and
settlement of withdrawal liability. PBGC needs the information
required for a request for determination to determine whether to
approve an exception from the specified condition.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Form Lock-in Applicatio Lock-In Application
Justification Nonmaterial Change - Checklist.02.docx
sfa-assumptions-guidance.pdf
Lock-In Application