SFA New Filing; First In a Month

The PBGC Special Financial Assistance program for troubled multiemployer plans put up the actual filings made for the the first three plans applying for bailout money

Road Carriers Local 707 Pension Plan

Local 138 Pension Trust Fund

Idaho Signatory Employers-Laborers Pension Plan

and added a twentieth to the list applying for a total of $3.172 billion.

Plan Name: Local Union No. 466 Painters, Decorators and Paperhangers Pension Plan
EIN/PN: 14-6085295/001
Total participants @ 4/30/20: 45 including:
Retirees: 30
Separated but entitled to benefits: 8
Still working: 7

Asset Value (Market) @ 5/1/19: $523,604
Value of liabilities using RPA rate (3.09%) @ 5/1/19: $5,108,203 including:
Retirees: $4,213,315
Separated but entitled to benefits: $820,490
Still working: $74,398

Funded ratio: 10.25%
Unfunded Liabilities as of 5/1/19: $4,213,315

Asset Value (Market) as of 4/30/20: $185,265
Contributions: $43,927 Payouts: $345,937
Expenses: $49,353

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6 responses to this post.

  1. Posted by Ray Shorter on October 23, 2021 at 2:31 pm

    What does redacted mean?

    Reply

    • Depends on the context. Did not see that word in the 707 email and the SFA website has the 707 application as Under Review.

      Reply

      • Posted by Ray Shorter on October 24, 2021 at 1:25 am

        Will these applications have to refile, essentially start the 120 day clock over?

        Reply

        • Probably not but, if it’s like the old MPRA process, it would all be behind the scenes where filers would get a heads up if they were denied so they could withdraw their application and refile if they wanted to. With SFA the issue is what happens to the 120-day period if the PBGC has to wait for a filing to be amended. Does it get extended or is there a restart? My guess is that, as with the IRS when they are reviewing something and haven’t gotten to it, PBGC will get the filer to sign off on extending the 120 period.

          Reply

          • Posted by Ray Shorter on October 25, 2021 at 10:45 am

            Priority group 2 is fast approaching, shouldn’t there be movement in approval department by now? If there’s 25 insolvent funds, why haven’t the final 5 applied?

            Reply

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