Breaking News: Central States Filed

The first 34 plans that filed requested a total $8.4 billion in bailout money from the PBGC Special Financial Assistance program for troubled multiemployer plans. No press release but the PBGC weekend update showed one new plan – the Central States, Southeast & Southwest Areas Pension Plan with 364,908 participants which is asking for $35 billion dollars.

We had some 5500 history in an earlier blog through 2016. This is where the plan was last year based on their 5500 filing for 2020:

Plan Name: Central States, Southeast & Southwest Areas Pension Plan

EIN/PN: 36-6044243/001

Total participants @ 12/31/20: 364,908 including:

• Retirees: 191,550
• Separated but entitled to benefits: 121,667
• Still working: 51,691

Asset Value (Market) @ 1/1/20: 12,309,907,060

Value of liabilities using RPA rate (2.95%) @ 1/1/20: $56,188,837,073 including:

• Retirees: $33,047,759,091
• Separated but entitled to benefits: $14,458,423,787
• Still working: $8,682,654,195

Funded ratio: 21.91%

Unfunded Liabilities as of 1/1/20: $43,878,930,013

Asset Value (Market) as of 12/31/20: $10,409,490,502

Contributions 2020 (MB): $662,009,633

Contributions 2020 (H): $406,600,320

Payouts 2020: $2,842,184,040

Expenses 2019: $53,552,2071

Historical information going back to 2007 in a spreadsheet: