Breaking News: First SFA Filing

According to an email blast the Road Carriers Local 707 Pension Fund today became the first to seek bailout money under the PBGC Special Financial Assistance program for troubled multiemployer plans.

Full email and latest 5500 data below.

Our application for Special Financial Assistance is submitted to the PBGC!

Today our Pension Fund became the first pension fund to submit an application to the PBGC.

The PBGC is in the process of reviewing our submission and will provide official acknowledgement of receipt of our application after they download the files we sent and completed their initial review.

Under the statute the PBGC must process our application within 120 days in an expeditious and thorough manner after their acknowledgement of receipt of our application.

Our pension fund is working closely with the PBGC to insure a timely review and approval of our application. I will continue to keep everyone updated as our application moves through the process. Our Fund recently submitted public comments to the PBGC on the interim guidance as it relates to the interest rates used in calculating the amount of Special Financial assistance . This is a long term issue and in will no way impact the immediate relief we are seeking.
A lot of work was done to complete our application quickly and efficiently. This is shown by the fact we are the first pension fund to submit an application for Financial Assistance. Many thanks to our Lawyers, Actuaries and Fund Office who were prepared to go to work as soon as the application instructions and guidance were released. I made this a priority and thank them for their hard work

I made a commitment to do everything possible to restore your benefits and solidify the future of your pension fund as quickly as possible. Although there is still much work to do, this was a major step in fulfilling this commitment. As always thanks again to Senate Majority leader Chuck Schumer for his continued support.

Kevin McCaffrey President, Teamsters Local 707

Plan Name: Road Carriers Local 707 Pension Fund
EIN/PN: 51-6106510/001
Total participants @ 1/31/20 4,247 including:
Retirees: 2,778
Separated but entitled to benefits: 694
Still working: 775

Asset Value (Market) @ 2/1/19: 5,545,790
Value of liabilities using RPA rate (3.07%) @ 2/1/19: $867,395,077 including:
Retirees: $594,491,960
Separated but entitled to benefits: $101,994,777
Still working: $170,908,340

Funded ratio: 0.64%
Unfunded Liabilities as of 2/1/19: $861,849,287

Asset Value (Market) as of 1/31/20: $4,891,825
Contributions(H): $4,892,655 Contributions (SB): $19,996,755 Payouts: $19,927,937
Expenses: $895,571

6 responses to this post.

  1. Posted by qpat00 on August 13, 2021 at 6:54 pm

    Is there a way to find out the payroll of the funds administrators and consultants, or is that buried in “expenses”?

    Reply

  2. Posted by Stephen Douglas on August 14, 2021 at 3:24 pm

    Off topic.

    Good news! From Kentucky, of all places. “among the worst in the country,”
    https://www.marketwatch.com/story/he-runs-the-worst-funded-public-pension-in-the-country-heres-his-good-news-story-11626200744

    “The second part of SB 2 required that the state budget pay the full ARC. We had had a period 12 years in a row where the state didn’t pay the ARC, and on average only paid about 40%. That’s a major contributor to how we got to be so poorly funded.”

    (The first part was putting all new employee in the system into the cash hybrid plan in 2013. )

    May be the states could avoid the MEP catastrophe. If Kentucky can do it…

    Reply

  3. […] Road Carriers Local 707 Pension Fund , which became the first plan to seek bailout money under the PBGC Special Financial Assistance program for troubled multiemployer plans got an […]

    Reply

  4. […] Road Carriers Local 707 Pension Fund , which became the first plan to seek bailout money under the PBGC Special Financial Assistance program for troubled multiemployer plans as well as the […]

    Reply

  5. […] Road Carriers Local 707 Pension Fund , which became the first plan to seek bailout money under the PBGC Special Financial Assistance program for troubled multiemployer plans as well as the […]

    Reply

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: