SFA Update – 707

The PBGC Special Financial Assistance program for troubled multiemployer plans is updating at the end of the week but according to an email blast from Local 707 (and a PBGC press release) we can expect this in the next update:

We are approved!
In the next several days the PBGC will announce the Road Carriers Local 707 Fund will be the largest pension fund approved for Special Financial Assistance under the American Rescue Plan.I am working closely with the PBGC to restore benefits and pay back any reduced benefits. As soon as we have a timeline from the PBGC the Fund will update you.  

As always, thank you to Senator Majority Leader Chuck Schumer for his continued support. This has been a 13 year journey with many ups and downs and Senator Schumer and former Congressman Pete King have been there with us for every step of the journey.Thank you to all the retirees and Rank & File members who also worked so hard to make this possible. And thank you to everyone who had the faith and trust we would get this done.

Kevin McCaffrey President, Teamsters Local 707

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