SFA Plan Disappears

The PBGC Special Financial Assistance program for troubled multiemployer plans website indicated that there had been an update today, December 17, 2021. However, there were no new plans added and no programs started up. Only after reviewing the summary of applications did it come to light.

The Retirement Plan of Local 1482 out of Brooklyn, NY, though still with a link to their application as being Under Review, was no longer on the summary which now included 19 plans instead of 20.

Plan Name: Retirement Plan of Local 1482 – Paint and Allied Products Manufacturers Retirement Fund
EIN/PN: 13-56643212/001
Total participants @ 8/31/20 152 including:
Retirees: 63
Separated but entitled to benefits: 87
Still working: 2

Asset Value (Market) @ 9/1/19: $599,354
Value of liabilities using RPA rate (3.07%) @ 9/1/19: $13,119,469 including:
Retirees: $7,332,714
Separated but entitled to benefits: $4,901,353
Still working: $885,402

Funded ratio: 4.57%
Unfunded Liabilities as of 9/1/19: $12,520,115

Asset Value (Market) as of 8/31/20: $67,379
Contributions(H): $196,073 Contributions (SB): $170,304 Payouts: $504,394
Expenses: $463,769

One response to this post.

  1. Posted by geoxrge on December 18, 2021 at 6:37 pm

    “Funded ratio: 4.57%”

    Maybe it looked like too much of a scam even for the SFA.

    Still working: 2 and liability Still working: $885,402 results in over $400K for each of them.

    Reply

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