Archive for the ‘Multiemployer Pensions’ Category

SFA Plan Disappears

The PBGC Special Financial Assistance program for troubled multiemployer plans website indicated that there had been an update today, December 17, 2021. However, there were no new plans added and no programs started up. Only after reviewing the summary of applications did it come to light.

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SFA Revision and Update – 641

The last activity on the PBGC Special Financial Assistance program for troubled multiemployer plans front was the Teamsters Local 641 Pension Plan now asking for an additional $15 million. There is no copy of the revised application yet but the summary page shows .

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Post ARP

In an editorial last week the New York Post called it the ‘worst spending bill ever’.

The American Rescue Plan (ARP) was the most expensive spending bill in half a century. It takes remarkable economic illiteracy and incompetence to apply $1.9 trillion in “stimulus” in a manner that actually worsens the economy, and (with few small exceptions) fails to address any significant policy challenges.

The main points are hit including this on the multiemployer plan bailout:

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SFA Revision and Update

The PBGC Special Financial Assistance program for troubled multiemployer plans had another plan revise their application. There is no copy of the revised application yet but the summary page shows the Teamsters Local 641 Pension Plan now asking for an additional $15 million.

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NFL Benefits

Chapter 5 of When the Cheering Stops is on pensions and benefits that National Football League (NFL) players get. Below are excerpts and a look at the funded status of the Bert Bell/Pete Rozelle NFL Player Retirement Plan.

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Democrats want to rescue union pensions from party’s failed bailout plan

Excerpts from an article that appeared in The Hill over the weekend written by Aharon Friedman, director and senior tax counsel at the Federal Policy Group.

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SFA Winding Road

The Road Carriers Local 707 Pension Fund , which became the first plan to seek bailout money under the PBGC Special Financial Assistance program for troubled multiemployer plans as well as the first plan to withdraw their application, probably due to the use of 5.32% as the SFA Interest rate instead of 5.38%, have refiled and are now asking for either $4 million more or $12 million less depending on whether you go with the SFA summary page or Sheet 4-3 from their application.

They are not alone as seven of the twenty plans that have applied show differences between what they have on their 4-3 sheets and what the PBGC summarizes as what they are requesting.

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707 Back On SFA Road

The Road Carriers Local 707 Pension Fund , which became the first plan to seek bailout money under the PBGC Special Financial Assistance program for troubled multiemployer plans as well as the first plan to withdraw their application, probably due to the use of 5.32% as the SFA Interest rate instead of 5.38%, have refiled and are now asking for $4 million more.

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SFA Bailout Timeline

For those wondering when payments under the PBGC Special Financial Assistance program will be coming, the International Foundation of Employee Benefit Plans blog has some guidance.

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SFA Bailout: 0% = $6.1 Million

The Carpenters Industrial Council of Eastern PA Pension Fund is asking the government for $14,137,881 under the multiemplolyer bailout program. Template 4 of the application is where the requested amount is calculated. The PBGC provides that template and here is what I get from making up my own sheet* using the plan’s data with a 5.38% assumed interest rate for future earnings instead of 0%.

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