On May 6, 2014, the Pension Benefit Guaranty Corporation (the “PBGC”) 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’s guarantee of benefits that are contingent upon the occurrence of an “unpredictable contingent event,” 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 here.