SFA Update – 707 Back Payments

According to an email blast from Local 707, today the pension fund is mailing out individualized statements to participants whose benefits were reduced, including a bonus that retirees outside this program are not getting, as explained:

The Statements detail the amount of your restored benefit and the amount of retroactive benefits you will receive as a lump sum payment. As soon as possible after the pension fund receives the Special Financial Assistance from the PBGC the pension Fund will distribute these funds to participants accounts. The target date is somewhere around February 17th.

Also in the mailing is detailed information of your right to have the lump sum payment sent as a Direct Roll over to a tax qualified account such as an IRA. Please contact your tax advisor about your options. If you choose the Direct Rollover, please fill out the enclosed form and return it to the Pension Fund office no later than February 10th to give our office sufficient time to input all the account information.

Bonus being that rollover option.

One response to this post.

  1. Posted by Stephen Douglas on January 29, 2022 at 12:36 pm

    Public pensions: when does the disaster come?

    “I haven’t been writing much about public pensions during the pandemic because of all the federal bailout money papering over cash flow issues in the states. Not only have they been flush with the direct bailout funds, but their state income tax flows have been strong, inflation has boosted stock market prices as well, and the numbers, on paper, have looked pretty good so far.”

    http://stump.marypat.org/article/1585/original-sin-or-pandora-s-box-and-public-pensions

    She’s not the only one. Almost all the public pension blogs and Facebook sites have gone dormant the last two years.

    Is this the calm before the storm?

    Reply

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