The Pension Benefit Guaranty Corporation (PBGC) issued an interim final rule and the IRS issued Notice 2021-38 regarding the special financial assistance program established under the American Rescue Plan Act of 2021 (ARP) on July 9. The PBGC interim final rule provides direction on the application requirements, identifies which plans will have priority, and establishes conditions and restrictions that apply to plans that receive the assistance. The IRS notice provides guidance to plans that are “required to reinstate certain previously suspended benefits as a condition of receiving special financial assistance”. Eligible plans may apply to receive a one-time cash payment in the amount required for the plan to pay all benefits through 2051. We cover the four eligibility criteria. Plans only need to meet one of them.