The Pension Benefit Guaranty Corporation said it will temporarily close the electronic portal it uses to accept bailout funding applications from financially troubled multiemployer pension plans as it sifts through a deluge of last-minute priority group submissions it’s expecting.
The government’s private-sector pension insurer will close the e-filing portal at midnight on Saturday. On Monday morning, the agency will begin accepting requests to be placed on a waiting list for plans seeking to apply, according to new guidance.
Special financial assistance is an American Rescue Plan Act program that granted the PBGC a blank check to rescue the most ...