Archive for the ‘Multiemployer Pensions’ Category

SFA Update – Two Refilers

The PBGC Special Financial Assistance program for troubled multiemployer plans weekend update showed a refiling of a prior withdrawal (America’s Family Benefit Retirement Plan) that asked for $4,.5 million less and one withdrawal and immediate refile (UTWA NJ Union Employer Pension Plan) that asked for $17,918 more.

Our updated summary of the 37 plans in the system – 25 approvals and 12 under review:

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SFA Update – Today’s Approval

The PBGC Special Financial Assistance program for troubled multiemployer plans approved a new plan for bailout:

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SFA Update – One More Approval

The PBGC Special Financial Assistance program for troubled multiemployer plans approved a new plan for bailout:

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Central States Fall

All 1,298 pages of the Central States, Southeast and Southwest Areas Pension Fund bailout application is on the SFA website but, for me, it is these two pages that tell the tale of the fall of this and many other union pension plans.

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SFA Update – One New; One Refile

The PBGC Special Financial Assistance program for troubled multiemployer plans weekend update showed one new filer and one withdrawing for the second time and reapplying immediately.

Our updated summary of the 36 plans in the system – 23 approvals and 13 under review:

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SFA Update – Three More Approvals

The PBGC Special Financial Assistance program for troubled multiemployer plans approved three more plans for bailouts including the one that used a 0% valuation interest rate on their Schedule MB.

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Central States Perspective

The PBGC Special Financial Assistance program for troubled multiemployer plans added the big one last week but still no press release (or even coverage) on the plan that now represents over 72% of the requested bailout money.

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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.

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SFA Update – Five More Approvals

The PBGC Special Financial Assistance program for troubled multiemployer plans approved five more plans for bailouts.

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SFA Update – Two More Approvals

The PBGC Special Financial Assistance program for troubled multiemployer plans approved two more plans for bailouts. Expect four more approvals before the week is out.

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