417(e) Barometer

The 417(e) segment rates for April, 2022 were just released and two takeaways:

1. 50 basis point increase in one month indicates that lump sums being paid out of Defined Benefit plans will be greatly decreased in 2023 from 2022; and
2. The economy is in a recession similar to 2008-9.

Cultivating Justice in the Garden State (The Rest)

David Wildstein had Chapter 3 – Settling Scores – on his blog which led a blog here. Now the book is out and reveals Union County political power broker Raymond Lesniak to be in line with almost all other politicians here who believe they know it all because they elicit the largest bribes. Lesniak’s career highlight was some forensic competition he won in France opposing the death penalty. We find out about France, his method of preparation, and the skill level of his opponents that day but nothing about his argument. It’s all about him.

SFA Update – Two Refilers

The PBGC Special Financial Assistance program for troubled multiemployer plans weekend update showed a refiling of a prior withdrawal (America’s Family Benefit Retirement Plan) that asked for $4,.5 million less and one withdrawal and immediate refile (UTWA NJ Union Employer Pension Plan) that asked for $17,918 more.

Our updated summary of the 37 plans in the system – 25 approvals and 12 under review:

Hello Molly!

An SNL alumni with a tells about a life-altering tragedy, Gary Coleman, lucking out, and working on a sketch show. Takeways:

Sweeney, NJEA Deal on Health Care Hikes

Two years ago sponsors claimed that “savings under the new proposal would clock in at just over $1 billion a year—$670 million that local school districts would save and $403 million that the NJEA members would save.”

However, in real life:

SFA Update – Today’s Approval

The PBGC Special Financial Assistance program for troubled multiemployer plans approved a new plan for bailout:

SFA Update – One More Approval

The PBGC Special Financial Assistance program for troubled multiemployer plans approved a new plan for bailout:

Social Security Advisor

I would have nominated the guy who helped me out this week at the Union, NJ SSA office. To get benefits it is a good start to sign up at www.ssa.gov but, after that, I found tracking the website or calling the national number a waste of time. You need to visit to get anything moving and the guy in booth 31 did it for me. However, Biden put forth his own nominee yesterday.

Central States Fall

All 1,298 pages of the Central States, Southeast and Southwest Areas Pension Fund bailout application is on the SFA website but, for me, it is these two pages that tell the tale of the fall of this and many other union pension plans.

SFA Update – One New; One Refile

The PBGC Special Financial Assistance program for troubled multiemployer plans weekend update showed one new filer and one withdrawing for the second time and reapplying immediately.

Our updated summary of the 36 plans in the system – 23 approvals and 13 under review: