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Federal Register / Vol. 86, No. 130 / Monday, July 12, 2021 / Rules and Regulations PBGCs website at www.pbgc.gov, including all additional information that PBGC requires under 4262.6d.
c Application base data. 1 A plans base data are i The plans SFA measurement date as required to be reported in the plans initial application for special financial assistance;
ii The plans participant census data used in the plans initial application for special financial assistance; and iii The plans interest rate required under 4262.4e1.
2 A plans base data are fixed by the filing of the plans initial application and must be reported on any revised application for the plan.
d Withdrawn applications. 1 A
plans application for special financial assistance may be withdrawn at any time before or after PBGC denies the application but not after PBGC has approved the application.
2 Any withdrawal of a plans application must be by written notice to PBGC submitted by any person authorized to submit an application for the plan and in accordance with the special financial assistance instructions on PBGCs website at www.pbgc.gov.
3 An application submitted for a plan after the withdrawal of an application is a revised application and must comply with the requirements in this part for an initial application except that it must use the base data required in paragraph c of this section for the initial application.
e Denied applications. If PBGC
denies a plans application, and the denied application is not withdrawn, any revised application must not differ from the denied application except to the extent necessary to address the reasons cited by PBGC for the denial.
f Revised applications. A plans revised application is processed in the same way as an initial application.
g Final agency action. PBGCs decision on an application for special financial assistance under this section is a final agency action under 4003.22b of this chapter for purposes of judicial review under the Administrative Procedure Act 5 U.S.C. 701 et seq..

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4262.12 Payment of special financial assistance.

a Amount of special financial assistance. 1 The amount of special financial assistance to be paid to or for a plan by PBGC will be the total of i The amount required as demonstrated by the plan sponsor on the application for such special financial assistance, determined under 4262.4 as of the SFA measurement date; plus
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ii Interest on the amount in paragraph a1i of this section from the SFA measurement date to the date PBGC sends payment not the bank settlement date at a rate equal to the interest rate required under 4262.4e1; plus iii The amount owed to PBGC under section 4261 of ERISA determined as of the date PBGC sends payment of special financial assistance; minus iv Financial assistance payments under section 4261 of ERISA received by the plan between the SFA
measurement date and the date PBGC
sends payment of special financial assistance, with interest on each such financial assistance payment from the date thereof to the date PBGC sends payment as described in paragraph a1ii of this section calculated at a rate equal to the interest rate required under 4262.4e1.
2 The plan must include in its application payment instructions in accordance with the special financial instructions on PBGCs website at www.pbgc.gov. Payment will be considered made by PBGC when, in accordance with the payment instructions in the application, PBGC no longer has ownership of the amount being paid. Any adjustment for delay will be borne by PBGC only to the extent that it arises while PBGC has ownership of the funds.
b Repayment of traditional financial assistance. If a plan has an obligation to repay financial assistance under section 4261 of ERISA, PBGC will 1 Issue a written demand for repayment of financial assistance when the application is approved; and 2 Deduct the amount of financial assistance, including interest, that the plan owes PBGC from the special financial assistance before payment to the plan.
c Date of payment of special financial assistance. Special financial assistance issued by PBGC will be paid as soon as practicable upon approval of the plans special financial assistance application but not later than the earlier of 1 Ninety days after a plans special financial assistance application is approved by PBGC or deemed approved;
or 2 September 30, 2030.
d Manner of payment. The payment of special financial assistance to a plan will be made by PBGC in a lump sum or substantially so and is not a loan subject to repayment obligations.
Notwithstanding the foregoing, the following payment obligations apply:
1 Special financial assistance is subject to recalculation or adjustment to
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correct a clerical or arithmetic error.
PBGC will, and plans must, make payments as needed to reflect any such recalculation or adjustment in a timely manner.
2 If PBGC determines that a payment for special financial assistance to a plan exceeded the amount to which the plan was entitled, any excess payment constitutes a debt to the Federal Government. If not paid within 90
calendar days after demand, PBGC may reduce the debt by any action permitted by Federal statute. Except where otherwise provided by statutes or regulations, PBGC will charge interest and other amounts permitted on an overdue debt in accordance with the Federal Claims Collection Standards 31
CFR parts 900 through 999. The date from which interest is computed is not extended by litigation or the filing of any form of appeal.
4262.13 Restrictions on special financial assistance.

a In general. A plan that receives special financial assistance must be administered in accordance with the restrictions in this section and in 4262.14.
b Restrictions. Special financial assistance received, and any earnings thereon 1 May be used by the plan only to make benefit payments and pay administrative expenses;
2 Must be segregated from other plan assets;
3 May be used before other plan assets are used to make benefit payments and pay administrative expenses; and 4 Must be invested in investmentgrade bonds or other investments as permitted by PBGC in 4262.14.
4262.14 Permissible investments of special financial assistance.

a In general. A plan that receives special financial assistance may invest amounts attributable to such assistance monies only in fixed income securities denominated in U.S. dollars and in accordance with this section. For purposes of this section, such securities are referred to as permissible investments.
b Other definitions. For purposes of this section 1 Adequate capacity to meet financial commitments means that the risk of default by the obligor is low and the full and timely repayment of principal and interest on the security is expected.
2 Permissible fund vehicles mean exchange traded funds, mutual funds, pooled trusts, or other commingled
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