Workforce Bulletin

As we previously reported, the American Rescue Plan Act of 2021 (ARPA) was signed into law on March 11, 2021, requiring, among other things, the Pension Benefit Guaranty Corporation (PBGC) to issue its implementing regulations by July 9, 2021. As promised, PBGC issued an interim final rule, 86 Fed. Reg. 36598 (July 12, 2021) (the IFR), on a major element of the rescue plan―the Special Financial Assistance Program (SFA)―intended to provide a one-time payment to the estimated 200 most financially troubled multiemployer pension plans to help them survive and pay pensions through ...

With the United States in the midst of dealing with the coronavirus pandemic, there has been focused attention on the rollout of vaccines approved for emergency use by the U.S. Food and Drug Administration, and the actual number of individuals being vaccinated. Presently, 250 million COVID-19 vaccine shots have been administered and individuals 16 years of age and older are eligible to receive the vaccine.  Now, in an effort to get more people vaccinated, employers are being encouraged to provide paid time off for employees who have not yet been vaccinated against the virus.

Federal ...

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (“ARPA”).  ARPA is the latest COVID-19-related stimulus legislation passed by Congress, but, unlike prior legislation, ARPA provides expansive funding rule changes and significant financial assistance to deeply underfunded multiemployer pension plans, including a one-time payment to certain plans from the Pension Benefit Guaranty Corporation (“PBGC”) without any repayment obligations.

ARPA’s provisions regarding multiemployer pension plans focus primarily on the plans ...