What Is the Special Financial Assistance Program?
And what does the federal program for struggling multiemployer plans mean for the future of defined benefit plans?
Tag: Pension Benefit Guaranty Corporation
Newsmakers
Central States Multiemployer Pension Plan Receives $35.8 billion in PBGC Assistance
The Pension Benefit Guaranty Corporation has approved the Special Financial Assistance application from the Central States, Southeast & Southwest Areas Pension Plan. The Central States Plan is a multiemployer...
Asset Allocation
Multiemployer Plan Funding Levels Down Sharply in First Half of 2022
The total funding shortfall for more than 1,200 plans balloons by $85 billion in six months.
Asset Allocation
Teamsters’ Plan to Claim Most of Latest PBGC Aid
More than $800 million from Special Financial Assistance Program will help two pension funds covering more than 22,000 participants.
Newsmakers
PBGC Approves Bailouts for Five More Multiemployer Plans in May
The agency has now approved more than $6.2 billion in special financial assistance funds to cover nearly 120,000 participants.
Newsmakers
PBGC Approves Over $300 Million in SFA Funds to 3 Pensions
The struggling multiemployer plans cover nearly 2,000 participants.
Newsmakers
PBGC to Provide Nearly $700 Million to 3 Insolvent Multiemployer Plans
Plans covering over 5,550 participants have been approved to receive bailout funds under the American Rescue Plan.
News
New York City-Based Multiemployer Plans Approved for PBGC Bailout
The Local 584 Plan and the Milk Industry Office Employees Pension will receive funds under the Special Financial Assistance Program.
Newsmakers
Teamsters Pension Applies for Bailout After $58 Million Legal Appeal Dismissed
A circuit court has denied the New York multiemployer pension’s attempt to recover withdrawal liabilities from the bankrupt firm’s new owner.
Newsmakers
PBGC Approves $100.5 Million Bailout of New Jersey Pension Plan
Teamsters Local 408 is the 5th plan to be approved under the American Rescue Plan Act’s Special Financial Assistance program.
Newsmakers
PBGC Bails Out Struggling NY Pension With $112.6 Million in Aid
The Local 138 Pension Plan becomes the first multiemployer plan to receive funds under the American Rescue Plan Act.
Regulation
Supreme Court Declines to Hear Delphi Pension Termination Case
The lack of action by the high court ends more than 12 years of litigation after the General Motors unit’s pension plan was terminated.
Newsmakers
Huge Turnaround Swings PBGC Multiemployer Program into the Black
For the first time in two decades, both the multiemployer and single-employer programs have positive net financial positions.
Opinion
Op-Ed: Don’t Leave Money on the Table When Evaluating Pension Risk Strategies
The passage of the American Rescue Plan Act in March has changed the game for CIOs considering an annuity buyout.
Regulation
PBGC Issues Interim Final Rule on Multiemployer Bailout Plan
The agency’s proposal sets a priority system for distributing $94 billion to severely underfunded pension plans.