The last activity on the PBGC Special Financial Assistance program for troubled multiemployer plans front was the Teamsters Local 641 Pension Plan now asking for an additional $15 million. There is no copy of the revised application yet but the summary page shows .
Just recently the plan (which incidentally is in Union, NJ about two miles from where I am writing this) submitted a new 5500 filing for the year ending 2/28/21 showing $50 million more of an underfunding and barely $3 million in assets remaining:
Plan Name: Teamsters Local 641 Pension Plan
EIN/PN: 22-6220288/001
Total participants @ 2/28/21: 3,500 including:
Retirees: 2,485
Separated but entitled to benefits: 536
Still working: 479
Asset Value (Market) @ 3/1/20: $22,011,599
Value of liabilities using RPA rate (2.89%) @ 3/1/20: $705,826,102 including:
Retirees: $539,239,629
Separated but entitled to benefits: $56,363,404
Still working: $110,223,089
Funded ratio: 3.12%
Unfunded Liabilities as of 3/1/20: $683,814,503
Asset Value (Market) as of 2/28/21: $3,103,769
Contributions: $4,186,913 Payouts: $23,338,514
Expenses: $949,391
In the filing for the year ended 2/29/20:
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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Burypensions Blog 