SFA Revision and Update

The PBGC Special Financial Assistance program for troubled multiemployer plans had another plan revise their application. There is no copy of the revised application yet but the summary page shows the Teamsters Local 641 Pension Plan now asking for an additional $15 million.

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Plan Name: Teamsters Local 641 Pension Plan
EIN/PN: 22-6220288/001
Total participants @ 2/29/20: 3,610 including:
Retirees: 2,490
Separated but entitled to benefits: 602
Still working: 518

Asset Value (Market) @ 3/1/19: $53,357,932
Value of liabilities using RPA rate (3.08%) @ 3/1/19: $687,171,591 including:
Retirees: $424,783,188
Separated but entitled to benefits: $141,834,777
Still working: $120,553,626

Funded ratio: 7.76%
Unfunded Liabilities as of 3/1/19: $633,813,659

Asset Value (Market) as of 2/29/20: $22,805,268
Contributions: $4,789,277 Payouts: $36,777,814
Expenses: $1,025,124

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