GHOST Act

HR 7135, the GHOST Act, requires the Pension Benefit Guaranty Corporation (PBGC) to recover overpayments of special financial assistance made to multiemployer pension plans when payments were erroneously sent to deceased participants or beneficiaries. The bill mandates PBGC to audit plan census data against the Social Security Administration’s Death Master File within six months, with plans having 30 days to repay overpayments (plus interest) after a PBGC determination. Multiemployer pension plans receiving special financial assistance are directly affected, as they must repay these overpayments, with recovered funds transferred to the Treasury. The law focuses on correcting specific payment errors through mandatory audits and repayment processes, not broader pension reforms.