PBgC’s financial assistance is not automatic. a plan must follow certain procedures to obtain financial assistance. First, it must notify PBgC and the plan’s participants that it is insolvent. Second, it must inform participants of their statutorily guaranteed benefit levels. next, it must apply for financial assistance with the PBgC. PBgC must then verify the insolvency and determine the level of financial assistance it will provide. This level depends on the amount of contributions and withdrawal liability payments the plan is receiving, if any. PBgC also reviews the plan’s administrative costs to ensure.
