Archive for the ‘Multiemployer Pensions’ Category

SFA Update – One Refiler

The PBGC Special Financial Assistance program for troubled multiemployer plans weekend update showed a refiling of a prior withdrawal (Freight Drivers and Helpers Local 557) that asked for $1,15 million more.

Our updated summary of the 36 plans in the system – 26 approvals and 10 under review:

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UMWA 5500 Update – 6/30/21

Five years ago retired coal miners traveled to Washington, D.C. to lobby lawmakers to put in place a federal safety net in case the United Mine Workers of America (UMWA) pension fund fails. Coal plant closures and company bankruptcies have sent the pension fund to the edge of collapse. In October, 2019 Murray Energy, the last major company propping up the dwindling fund, also went bankrupt and the prediction was insolvency in FY23.

By the April 15, 2022 deadline, the plan submitted their 5500 form for the year ended 6/30/21 showing only 68 active participants remaining and providing an idea of how much more taxpayers will now be on the hook for on top of what appears to be the $330 million that came in during the plan year. Continue reading

SFA Update – Today’s NJ Approval

The PBGC Special Financial Assistance program for troubled multiemployer plans approved a new plan for bailout bringing the tally to 35 plans in the system – 26 approvals and 9 under review.

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SFA Update – Two Withdrawals

The PBGC Special Financial Assistance program for troubled multiemployer plans weekend update showed no new filings but two withdrawals (including one of the four looking for a bailout of over $1 billion) leaving 35 plans in the system – 25 approvals and 10 under review. The withdrawals:

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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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