Bill Introduced to Require PBGC to Recover Special Financial Assistance Overpayments

Senator Bill Cassidy (R-LA), ranking member of the Senate Health, Education, Labor, and Pensions Committee, and Rep. Virginia Foxx (R-NC), chair of the House Education and the Workforce Committee, introduced the GHOST Act, a bill that would require the Pension Benefit Guaranty Corporation (PBGC) to determine if an overpayment of special financial assistance, as established by the American Rescue Plan Act, was made to any applicable multiemployer plan (or successor plan). Should an overpayment be found, the bill would require the plan to return the overpayment, adjusted for interest, to the PBGC within 30 days of the determination of the overpayment.