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Federal Register / Vol. 86, No. 130 / Monday, July 12, 2021 / Rules and Regulations
section to be submitted to the Secretary of the Treasury. If the requirement in the preceding sentence applies to an application, PBGC will transmit the application to the Department of the Treasury on behalf of the plan.
d When to file. Any initial application for special financial assistance must be filed by December 31, 2025, and any revised application must be filed by December 31, 2026.
Any application other than a plans initial application is a revised application regardless of whether it differs from the initial application.
1 Processing system. To accommodate expeditious processing of many special financial assistance applications in a limited time period:
i The number of applications accepted for filing will be limited in such manner that, in PBGCs estimation, each application can be processed within 120 days.
ii Plans specified in paragraph d2
of this section will be given priority to file an application before plans not specified in paragraph d2 of this section.
iii Notices on PBGCs website at www.pbgc.gov will apprise potential filers of the current priority groups for which applications are being accepted and whether PBGC is accepting applications for filing as well as other information about priority groups and filing.
2 Priority groups. Until not later than March 11, 2023, the plan sponsor of an eligible multiemployer plan will be given priority to file an application if the plan is in one of the priority groups in paragraphs d2i through vii of this section, listed in order of higher priority group to lower priority group. When applications for plans in a priority group are accepted for filing, PBGC will continue to accept applications for plans in a higher priority group, subject to paragraph d1 of this section.
i Priority group 1. A plan is in priority group 1 if the plan is insolvent or is projected to become insolvent under section 4245 of ERISA by March 11, 2022. A plan in priority group 1 may file an application beginning on July 9, 2021.
ii Priority group 2. A plan is in priority group 2 if the plan has implemented a suspension of benefits under section 305e9 of ERISA as of March 11, 2021; or the plan is expected to be insolvent under section 4245 of ERISA within 1 year of the date the plans application was filed. A plan in priority group 2 may file an application beginning on January 1, 2022, or such
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earlier date specified on PBGCs website at www.pbgc.gov.
iii Priority group 3. A plan is in priority group 3 if the plan was in critical and declining status as defined in section 305b6 of ERISA and had 350,000 or more participants. A plan in priority group 3 may file an application beginning on April 1, 2022, or such earlier date specified on PBGCs website at www.pbgc.gov.
iv Priority group 4. A plan is in priority group 4 if the plan is projected to become insolvent under section 4245
of ERISA by March 11, 2023. A plan in priority group 4 may file an application beginning on July 1, 2022, or such earlier date specified on PBGCs website at www.pbgc.gov.
v Priority group 5. A plan is in priority group 5 if the plan is projected to become insolvent under section 4245
of ERISA by March 11, 2026. The date a plan in priority group 5 may file an application will be specified on PBGCs website at www.pbgc.gov at least 21
days in advance of such date, and such date will be no later than February 11, 2023.
vi Priority group 6. A plan is in priority group 6 if the plan is projected by PBGC to have a present value of financial assistance payments under section 4261 of ERISA that exceeds $1,000,000,000 if special financial assistance is not ordered. PBGC will list the plans in priority group 6 on its website at www.pbgc.gov. The date a plan in priority group 6 may file an application will be specified on PBGCs website at www.pbgc.gov at least 21
days in advance of such date, and such date will be no later than February 11, 2023.
vii Additional priority groups. PBGC
may add additional priority groups based on other circumstances similar to those described for the groups listed in paragraphs d2i through vi of this section. If added, additional priority groups and the date PBGC will begin accepting applications for such additional priority groups will be posted in guidance on PBGCs website at www.pbgc.gov.
e Filing date. An application will be considered filed on the date it is submitted to PBGC if it meets the applicable requirements in paragraph d of this section and can be accommodated in accordance with the processing system described in paragraph d1 of this section or the emergency filing process described in paragraph f of this section. Otherwise, the application will not be considered filed and PBGC will notify the applicant that the application was not properly filed and that the application must be
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filed in accordance with the processing system and instructions on PBGCs website at www.pbgc.gov.
f Emergency filing. Beginning when PBGC accepts applications in priority group 2 described in paragraph d2ii of this section, and notwithstanding the processing system described in paragraph d1 of this section, an application may be accepted for filing if 1 It is an application for a plan that either i Is insolvent or expected to be insolvent under section 4245 of ERISA
within 1 year of the date the plans application was filed; or ii Has suspended benefits under section 305e9 of ERISA as of March 11, 2021; and 2 The filer notifies PBGC before submitting the application that the application qualifies as an emergency filing under this paragraph f in accordance with instructions on PBGCs website at www.pbgc.gov.
g Informal consultation. Nothing in this section prohibits a plan sponsor from contacting PBGC informally to discuss a potential application for special financial assistance.
4262.11

PBGC action on applications.

a In general. Within 120 days after the date an initial or revised application for special financial assistance is properly and timely filed, PBGC will 1 Approve the application and notify the plan sponsor of the payment of special financial assistance in accordance with 4262.12; or 2 Deny the application because i The application is incomplete, and notify the plan sponsor of the missing information; or ii An assumption is unreasonable, a proposed change in assumption is individually unreasonable, or the proposed changed assumptions are unreasonable in the aggregate, and notify the plan sponsor of the reasons for the determination; or iii The plan is not an eligible multiemployer plan, and notify the plan sponsor of the reasons the plan fails to be eligible for special financial assistance; or 3 Fail to act on the application, in which case the application is deemed approved, and notify the plan sponsor of the payment of special financial assistance in accordance with 4262.12.
b Incomplete application. PBGC will consider an application incomplete under paragraph a2i of this section unless the application accurately includes the information required to be filed under this part and the special financial assistance instructions on
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