PBGC Finalizes SFA Rules

The Pension Benefit Guaranty Corporation (PBGC) today announced a final rule implementing changes to the Special Financial Assistance (SFA) Program for financially troubled multiemployer pension plans.

The final rule makes various changes that address the public comments received:

Recessional (2)

The last part of the book, made up mostly of his National Review articles, has David Mamet doing some bemoaning of his day job.

Recessional (1)

By this time David Mamet should be making the media rounds as an elder statesman with much wisdom to impart. That he has but his new book, made up mostly of his National Review articles, is not what our info-tainers want out there.

SFA Update – Two New Filers

The PBGC Special Financial Assistance program for troubled multiemployer plans weekend update showed two new bailout filings (Bricklayers and Allied Craftsmen Local 7 Pension Plan out of Akron, OH and Bricklayers Union Local No. 1 Pension Fund* out of Roanoke, VA).

Our updated summary now has 40 plans in the system – 27 approvals and 13 under review.

Instant Anger Mangement

Notwithstanding an advice book with a chapter (18) titled “Don’t Give Advice” there were some relatable passages.

SFA Update – Today’s Approval

The PBGC Special Financial Assistance program for troubled multiemployer plans approved a new plan for bailout bringing the tally to 38 plans in the system – 27 approvals and 11 under review.

NJ Debt Dilemma

‘all professions are conspiracies against the laity’ George Bernard Shaw, The Doctor’s Dilemma, 1906

The quote came to mind after reading a njspotlight story that sought to explain the development of the state of New Jersey’s debt:

Surprises in the story:

SFA Update – One New; One Refile

The PBGC Special Financial Assistance program for troubled multiemployer plans weekend update showed a refiling of a prior withdrawal (So. Cal, AZ, CO & So. Nevada Glaziers Plan) and one new filer (Sheet metal Workers Local Pension Plan out of Masillon, OH).

Our updated summary of the 38 plans in the system – 26 approvals and 12 under review:

A Man Without a Country

The book came off as a mélange of material that Kurt Vonnegut wanted to get out there before his death. Glad he did (write it, that is, not die).

SFA Update – One Withdrawal (From Before)

In the last blog on the PBGC Special Financial Assistance program for troubled multiemployer plans we included in our spreadsheet the New York State Teamsters Pension Plan as being approved. Actually, the PBGC update shows the application as being withdrawn on May 26, 2022.

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