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Federal Register / Vol. 86, No. 5 / Friday, January 8, 2021 / Rules and Regulations Assistant General Counsel for Regulatory Affairs, Office of the General Counsel, 2022293839. TTY users may call the Federal relay service tollfree at 8008778339 and ask to be connected to 2022293839.
SUPPLEMENTARY INFORMATION:

DEPARTMENT OF THE TREASURY
Internal Revenue Service 26 CFR Part 1
TD 9941
RIN 1545BO68 and 1545BO78

Executive Summary
Taxable Year of Income Inclusion Under an Accrual Method of Accounting and Advance Payments for Goods, Services, and Other Items Correction In rule document 202028563
beginning on page 810 in the issue of Wednesday, January 6, 2021, make the following correction:
On page 810, in the DATES section, in the second line beneath the heading, December 31, 2021 should read December 31, 2020.
FR Doc. C1202028653 Filed 1621; 1:15 pm BILLING CODE 130100D

PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Parts 4001, 4204, 4206, 4207, 4211, 4219
RIN 1212AB36

Methods for Computing Withdrawal Liability, Multiemployer Pension Reform Act of 2014
Pension Benefit Guaranty Corporation.
ACTION: Final rule.
AGENCY:

The Pension Benefit Guaranty Corporation is amending its regulations on Allocating Unfunded Vested Benefits to Withdrawing Employers and Notice, Collection, and Redetermination of Withdrawal Liability. The amendments implement statutory provisions affecting the determination of a withdrawing employers liability under a multiemployer plan and annual withdrawal liability payment amount when the plan has had benefit reductions, benefit suspensions, surcharges, or contribution increases that must be disregarded. The amendments also provide simplified withdrawal liability calculation methods.
DATES: Effective date: This rule is effective February 8, 2021.
Applicability date: This rule applies to employer withdrawals from multiemployer plans that occur in plan years beginning on or after February 8, 2021.
FOR FURTHER INFORMATION CONTACT:
Hilary Duke duke.hilary@pbgc.gov,
tkelley on DSKBCP9HB2PROD with RULES

SUMMARY:

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Purpose of Regulatory Action This rulemaking is needed to implement statutory changes affecting the determination of an employers withdrawal liability and annual withdrawal liability payment amount when the employer withdraws from a multiemployer plan. The final regulation provides simplified methods for determining withdrawal liability and annual payment amounts, which a multiemployer plan sponsor can adopt to satisfy the statutory requirements and to reduce administrative burden. In this final rule, PBGC adopts its proposed changes implementing statutory changes and providing simplified methods, with some modifications in response to public comments.
PBGCs legal authority for this action is based on section 4002b3 of the Employee Retirement Income Security Act of 1974 ERISA, which authorizes PBGC to issue regulations to carry out the purposes of title IV of ERISA;
section 305g 1 of ERISA, which provides the statutory requirements for changes to withdrawal liability; section 4001 of ERISA Definitions; section 4204 of ERISA Sale of Assets; section 4206 of ERISA Adjustment for Partial Withdrawal; section 4207 Reduction or Waiver of Complete Withdrawal Liability; section 4211 of ERISA
Methods for Computing Withdrawal Liability; and section 4219 of ERISA
Notice, Collection, Etc., of Withdrawal Liability. Section 305g5 of ERISA
directs PBGC to provide simplified methods for multiemployer plan sponsors to use in determining withdrawal liability and annual payment amounts.
Major Provisions of the Regulatory Action This final regulation amends PBGCs regulations on Allocating Unfunded Vested Benefits to Withdrawing Employers 29 CFR part 4211 and Notice, Collection, and Redetermination of Withdrawal Liability 29 CFR part 4219. The changes implement statutory changes affecting the determination of an employers withdrawal liability and annual withdrawal liability payment 1 Section 305g of ERISA and section 432g of the Internal Revenue Code Code are parallel provisions in ERISA and the Code.

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amount and provide simplified methods for a plan sponsor to Disregard reductions and suspensions of nonforfeitable benefits in determining the plans unfunded vested benefits for purposes of calculating withdrawal liability.
Disregard certain contribution increases if the plan is using the presumptive, modified presumptive, or rolling-5 method for purposes of determining the allocation of unfunded vested benefits to an employer.
Disregard certain contribution increases for purposes of determining an employers annual withdrawal liability payment.
Table of Contents I. Background II. Discussion of Final Regulation and Public Comments III. Regulatory Changes To Reflect Benefit Decreases A. Requirement To Disregard Adjustable Benefit Reductions and Benefit Suspensions 4211.6
B. Simplified Methods for Disregarding Adjustable Benefit Reductions and Benefit Suspensions 4211.16
1. Employers Proportional Share of the Value of an Adjustable Benefit Reduction 2. Employers Proportional Share of the Value of a Benefit Suspension 3. Chart of Simplified Methods To Determine Employers Proportional Share of the Value of a Benefit Suspension and an Adjustable Benefit Reduction IV. Regulatory Changes To Reflect Surcharges and Contribution Increases A. Requirement to Disregard Surcharges and Certain Contribution Increases in Determining the Allocation of Unfunded Vested Benefits to an Employer 4211.4 and the Annual Withdrawal Liability Payment Amount 4219.3
B. Simplified Methods for Disregarding Certain Contribution Increases in the Allocation Fraction 4211.14
1. Determining the Numerator Using the Employers Plan Year 2014 Contribution Rate 2. Determining the Denominator Using Each Employers Plan Year 2014
Contribution Rate 3. Determining the Denominator Using the Proxy Group Method C. Simplified Methods After Plan Is No Longer in Endangered or Critical Status 1. Including Contribution Increases in Determining the Allocation of Unfunded Vested Benefits 4211.15
2. Continuing to Disregard Contribution Increases in Determining the Highest Contribution Rate 4219.3
V. Compliance With Rulemaking Guidelines
I. Background The Pension Benefit Guaranty Corporation PBGC administers two insurance programs for private-sector defined benefit pension plans under title IV of the Employee Retirement
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