IRC 432(k), added by section 9704 of the American Rescue Plan Act of 2021 (ARP) PDF, Pub. L. 117-2, provides rules relating to eligible multiemployer defined benefit plans that apply to PBGC for special financial assistance (SFA). If you are filing a 2022 Form 5500 for a multiemployer defined benefit plan that has received special financial assistance from PBGC, please note the following items when filling out the 2022 Schedule MB: If the plan has received SFA under section 4262 of the Employee Retirement Income Security Act of 1974 (ERISA), Pub. L. 93-406, on or before the valuation date, lines 1b(1) and 1b(2) of the Schedule MB should exclude the value of the SFA account (as described in Notice 2021-38) as of the valuation date. If the plan has received SFA under section 4262 of ERISA on or before the first day of the plan year, line 2a of the Schedule MB should exclude the value of the SFA account (as described in Notice 2021-38) as of the first day of the plan year. The status of the plan as reported on line 4b of the Schedule MB should reflect any election made by the plan sponsor in accordance with section 9701 of the ARP. If the plan has received SFA under section 4262 of ERISA, line 4b of the Schedule MB should reflect the deemed critical status for plan years beginning with the plan year in which the effective date for such assistance occurs and ending with the last plan year ending in 2051 (in accordance with IRC 432(b)(7)).
