UPIC – (4) Naming Plans

In their 2016 Annual Report the Pension Benefit Guaranty Corporation (PBGC) reports that they paid $113 million in financial assistance to 65 insolvent multiemployer plans though they do not make it easy to identify the plans on that list (or those likely to be added).  All I found was this October 28, 2014 press release:

The Pension Benefit Guaranty Corporation has sent an initial installment of more than $284,000 to cover benefits for 365 people in two insolvent multiemployer plans in New York. PBGC recently distributed the funds because these plans have run out of money and are unable to pay promised benefits. Quarterly payments will be sent to both plans to pay PBGC guaranteed benefits for current and future retirees. Unlike the agency’s program for single-employer pensions, PBGC doesn’t assume responsibility for insolvent multiemployer plans. Instead, the agency sends financial assistance so the plans can pay benefits at no more than the PBGC guarantee level.

Those plans were the Teamsters Local 531 Pension Plan (no 5500 forms located) and the Local 976 ILA Pension Fund which had a 5500 form filed for 2015 but coded as a Money Purchase with no Schedule MB actuarial certification so it may be that those 65 insolvent plans are not among the 1,281 multemployer plans that filed MBs for 2014.  With that as a premise and cross-checking the 1,394 multiemployer plans PBGC lists on their website to the 1,281 plans for which forms MB were filed we get….

 

 

One response to this post.

  1. […] Daily News employees who likely were in multiemployer plans with massive unfunded liabilities. In a prior blog we came up with a list of multiemployer plans sorted by name taken from 5500 filings for 2014. […]

    Reply

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