Archive for the ‘PBGC’ Category

Central States Lobbying

The bailout committee has been silent for months waiting for a Democratic Congress to come in but that does not mean Central States has not been telling their unions to get some coverage:
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The Road Carriers Local 707 Pension fund was 12.91% funded as of September 1, 2013. Their MPRA application was denied and they went broke in 2017 with retirees taking, on average, a 60% cut with PBGC ‘loans’ picking up 75% of those reduced benefits.

What does this augur for the Central States, Southeast & Southwest Areas Pension Plan?

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MPRA 5500 Data (3): Road Carriers 707 Augury

On March 15, 2016 the Road Carriers Local 707 Pension Fund applied to cut benefits under MPRA. On June 24, 2016 that application was denied and the plan went broke. Their latest 5500 filing shows that as of January 31, 2018 they have $12 to invest.

Here is their story, as pieced together from 5500 filings, which is an augury for several hundred other multiemployer plans- regardless of what their MPRA letter says.

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PBGC on Sears

Don’t be fooled by the logo. Anyone dealing with a typical government agency would be stunned at the freakish efficiency of the PBGC. I have gotten issues with premium payments and coverage determinations  that might take other agencies 45 days to address settled in 45 minutes. They send letters reminding you to pay your premium months before it’s due and emails moments after your premium filing contained what their system sees as an error. They audit practically every plan that terminates and it feels like a human being reviews every piece of paper or electronic transmission they get.* Yet they still have the capacity to stun.

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Sears & PBGC: Who’s Bankrupting Whom

How much will the Sears bankruptcy cost taxpayers? Let’s look at at some public information.

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5500 Day After – Central States

Another 5500 filing season has passed leaving some time, but little energy, for this blogging. Fortunately there were a lot of calendar year filings recently submitted for pensions in the news so it is the perfect time to do some updating – starting with the plan that is most likely to bring the PBGC (and the entire private pension system) down – Central States.

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Hearing to Examine the Nomination of….

According to the Congressional Record last Thursday there were four Congressional committee hearings:

Let’s take a look at what is likely to be the most consequential one:

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GAO on PBGC

The United States Government Accountability Office (GAO) released a 60 page report this week that “provides an update on the nation’s fiscal health as of the end of fiscal year 2017 and describes its likely fiscal future if policies don’t change” where the Pension Benefit Guaranty Corporation (PBGC) and multiemployer plans got a mention:

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