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On July 9, 2021, the Pension Benefit Guaranty Corporation (PBGC) issued an interim final rule (IFR) on the process for eligible distressed multiemployer pension plans to calculate and apply for Special Financial Assistance (SFA) awards under the American Rescue Plan Act of 2021 (ARPA). Following is a summary of the key components of the IFR: SFA Award Calculation Plan sponsors that qualify for PBGC assistance may apply for a one-time lump sum payment to cover all benefits due through the 2051 plan year. The IFR establishes a more specific calculation in which the amount of SFA an eligible plan may…