Final Rule on Phase-In of Shutdown Benefits

On May 6, 2014, the Pension Benefit Guaranty Corporation (the ?Ç£PBGC?Ç¥) published a final rule that amended its benefit payment regulation to implement a provision of the Pension Protection Act of 2006 that changed the phase-in period for the PBGC?ÇÖs guarantee of benefits that are contingent upon the occurrence of an ?Ç£unpredictable contingent event,?Ç¥ such as a plant shutdown. The final rule clarifies that the phase-in of the guarantee starts no earlier than the date of the unpredictable contingent event. The final rule is effective for benefits that become payable as a result of an event that occurs after July 26, 2005. A copy of the final rule can be found?áhere.