Breaking News: First SFA Decision

The PBGC Special Financial Assistance program for troubled multiemployer plans has ruled on the second plan to apply for bailout money.

The Local 138 Pension Trust Fund applied for $110,212,179 on August 23, 2021. Today, exactly 120 days later, their status on the SFA website changed:

Plan NameDate of ApplicationStatusRedacted
Application*
Local 138 Pension Trust Fund08/23/2021ApprovedPDF

Plan Name: Local 138 Pension Trust Fund
EIN/PN: 11-6170655/001
Total participants @ 12/31/19: 1,740 including:
Retirees: 1,056
Separated but entitled to benefits: 508
Still working: 176

Asset Value (Market) @ 1/1/19: $23,869,564
Value of liabilities using RPA rate (3.06%) @ 1/1/19: $140,006,255 including:
Retirees: $88,770,785
Separated but entitled to benefits: $28,377,477
Still working: $22,857,993

Funded ratio: 17.05%
Unfunded Liabilities as of 1/1/19: $116,136,691

Asset Value (Market) as of 12/31/19: $18,423,547
Contributions(H): $504,431 Contributions (SB): $519,843 Payouts: $7,073,675
Expenses: $487,657

One response to this post.

  1. Posted by geoxrge on December 22, 2021 at 8:16 am

    Still working: $22,857,993
    Still working: 176
    $22,857,993 / 176 = $129,875 per person

    Separated but entitled to benefits: $28,377,477
    Separated but entitled to benefits: 508
    $28,377,477 / 508 = $55,861 per person

    Retirees: $88,770,785
    Retirees: 1,056
    $88,770,785 / 1,056 = $84063 per person

    Reply

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