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Federal Register / Vol. 86, No. 130 / Monday, July 12, 2021 / Rules and Regulations PV amount 3% rate
Financial assistance loan repayment to PBGC
total nominal value of $200 million.
Total transfer amounts total nominal value of $94.0 billion.

PV amount 7% rate
2021

2022

2023

2024

2025

2026

20272051
Total 22

$194.17
million.

$186.92
million.

$200.00
million.

$0

$0

$0

$0

$0

$0.

$86.16 billion.

$77.14 billion.

$1.26 billion
$43.68 billion.

$23.03 billion.

$13.32 billion.

$8.89 billion
$3.33 billion
$0.47 billion.

Annual Cost Amounts PBGC administrative expenses total nominal value of $150 million.
SFA applications
Benefit reinstatement participant notices.
Annual compliance filings Condition exemption filings Total cost amounts

$129.57 million.

$108.41 million.

$20.50 million.

$17.50 million.

$15.75 million.

$15.00 million.

$14.75 million.

$14.00 million.

$52.50 million.

$8,091,600
$69,900

$7,232,400
$66,000

$1,199,300
$34,400

$2,121,800
$38,700

$2,183,300
$0

$1,998,800
$0

$1,260,800
$0

$78,800
$0

$0.
$0.

$12,495,000
$354,000
$150.58 million.

$7,231,200
$209,900
$123.15 million.

$0
$0
$21.73 million.

$99,500
$0
$19.76 million.

$275,400
$19,600
$18.23 million.

$456,500
$19,600
$17.47 million.

$622,200
$19,600
$16.65 million.

$726,800
$19,600
$14.83 million.

$18,168,750.
$489,250.
$71.16 million.

Filing and Issuance Requirements
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As discussed in this interim final rule, to request SFA for a multiemployer plan, a plan sponsor must, under section 4262 of ERISA and part 4262, file an application with PBGC. The applications for SFA must include information about the plan, plan documentation, and actuarial information. The information is necessary for PBGC to verify a plans eligibility for SFA, amount of requested SFA, and if applicable, inclusion in a priority group. In addition, under part 4262, a plan that has received SFA is required to file a compliance notice with PBGC once every year until 2051.
As discussed further in the Paperwork Reduction Act section, the estimated average cost dollar equivalent of the inhouse hour burden + contractor costs to prepare the one-time application to PBGC is $30,750, and the estimated average cost to prepare the annual statement of compliance is $2,550.
PBGC estimates that over the next 3
years 20212023 it will receive annually an average of 60 applications for SFA at an aggregate average annual cost of $1,845,000 and 49 annual statements of compliance at an aggregate average annual cost of $124,950.
In addition, certain plan sponsors that receive SFA are subject to participant disclosure and reporting requirements.
A plan sponsor of a plan with benefits that were suspended under sections
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305e9 or 4245a of ERISA must issue a notice of reinstatement to participants and beneficiaries whose benefits were previously suspended and then reinstated. PBGC estimates that over the next 3 years 20212023 an average of 11.33 plans annually 34 total plans will issue the notice of reinstatement to an average of 3,050 participants and beneficiaries at an aggregate average annual cost of $24,367.
A plan sponsor that receives SFA also is required to administer the plan in accordance with conditions prescribed by PBGC in 4262.16. A plan sponsor may request approval from PBGC for an exception under certain circumstances for conditions relating to reductions in contributions, transfers or mergers, and settlement of withdrawal liability. PBGC
expects these determination requests to be infrequent. PBGC estimates that it will receive an average of 2.2 requests per year beginning in 2023 at a cost of $19,570 per year averaged over 2021
2023 = $6,523.
Over the next 3 years 20212023, the total average annual cost for the information collection is $2,000,840
$1,845,000 + $124,950 + $24,367 +
$6,523.
Conditions for Plans That Receive SFA
The following table provides estimated financial impacts under a benchmark scenario analysis for each of the 6 areas for conditions listed under
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section 4262m1 of ERISA. The estimated results were produced by MEPIMS, PBGCs stochastic modeling tool used to project the future solvency and potential financial assistance under section 4261 for each plan in the U.S.
multiemployer pension plan system.23
The level of complexity and the lack of availability of complete plan-level data needed to program the specifications under the range of alternative regulatory actions under section 4262m are barriers to producing precise financial estimates for each potential action.
Instead, PBGC conducted a single benchmark scenario for each regulatory condition that illustrates the order-ofmagnitude financial impact.
The baseline assumptions represent PBGCs best-estimate assumptions for determining the aggregate amounts of SFA under section 4262 of ERISA and financial assistance under section 4261
based on employer and plan behavior that remains consistent before and following the distribution of SFA. The benchmark scenario assumptions represent a single scenario that was used to estimate each alternative regulatory action that was considered.
23 The following web page on PBGCs website provides more detailed information about PBGCs Multiemployer Program Pension Insurance Modeling System MEPIMS: https
www.pbgc.gov/about/projections-report/pensioninsurance-modeling-system.

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