Bloomberg Law
March 8, 2023, 6:06 PM

Pension Insurer Will Pause Bailout Applications Amid Deluge

Austin R. Ramsey
Austin R. Ramsey

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 ...

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