SFA Update – Approval and Refiler

The PBGC Special Financial Assistance program for troubled multiemployer plans is updating again this weekend. One new approval and the one withdrawal got refiled according to the PBGC summary worksheets .

Our updated summary of the plans in the system which now includes four approvals and all the withdrawing applications refiled:

SFA Update – 707

The PBGC Special Financial Assistance program for troubled multiemployer plans is updating at the end of the week but according to an email blast from Local 707 (and a PBGC press release) we can expect this in the next update:

SFA Update – First Check; Third Approval

The PBGC Special Financial Assistance program for troubled multiemployer plans is updating through press releases announcing the first SFA payment and another approval.

Our updated summary of the plans in the system:

SFA Update – Revisions

The PBGC Special Financial Assistance program for troubled multiemployer plans is updating again this weekend. No new applicants but the PBGC summary worksheets did have two plans withdrawing and reapplying which made me wonder if these revisions were looking for more or less money.

Our updated summary of the plans in the system:

SFA Update – Six New Plans

The PBGC Special Financial Assistance program for troubled multiemployer plans is updating more regularly. This afternoon saw the PBGC summary page add six new plans with three others withdrawing and refiling while one (1730 ILA) simply withdrew. That sorts out to 2 approved and 25 under review.

Our updated summary:

SFA Update

The PBGC Special Financial Assistance program for troubled multiemployer plans had two new applications and several plans withdrawing and reapplying. Their summary page now has four worksheets showing plans Under Review (20), Approved (2), Denied (0) and Withdrawn (10) though all 10 of the Withdrawn plans reapplied and are included in the Under Review worksheet.

Our updated summary:

SFA Bailouts: Round 2

Today, December 27, 2021, the American Rescue Plan (ARP) Special Financial Assistance Program opens up to multiemployer plans expected to be insolvent within one year of the date the plan’s application is filed.

There have been 20 filings in round 1 of plans already insolvent or projected to be insolvent by March 11, 2022 and, based on a review of 5500 data, there should be another 20 in this round 2:

Breaking News: Second SFA Decision

The PBGC Special Financial Assistance program for troubled multiemployer plans has ruled on the third plan to apply for bailout money.

According to a PBGC press release:

Breaking News: First SFA Decision

The PBGC Special Financial Assistance program for troubled multiemployer plans has ruled on the second plan to apply for bailout money.

The Local 138 Pension Trust Fund applied for $110,212,179 on August 23, 2021. Today, exactly 120 days later, their status on the SFA website changed:

Joe Biden’s multiemployer pension plan rescue is turning into a political disaster

John Dizard in the Financial Times stated the obvious to anyone paying attention.

Excerpts: