Pensions
2nd Circuit Vacates PBGC’s Denial of SFA Funds for NYC Pension
The Pension Benefit Guaranty Corporation had argued that the pension was not entitled to funds because it had already been terminated.
Tag: Special Financial Assistance
Regulation
Local 210’s Plan Receives $49.3M PBGC Grant
The New York-based plan was projected to become insolvent in 2026.
PBGC Approves 2 More Supplemental Assistance Applications
The Teamsters Local 641 and Graphic Communications International Union pensions will both receive supplemental assistance from the PBGC.
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...
Newsmakers
PBGC Provides Almost a Billion Dollars to New York Teamsters Pension
The PBGC approved the grant money out of funding from the American Rescue Plan, for a struggling pension with over 30,000 participants.
Newsmakers
Biden Appoints New Members to PBGC Advisory Committee
The four new appointees will join three other existing members representing employers, participants and the public.
Pensions
PBGC Provides Financial Assistance to Struggling Metal Workers Pension
The Sheet Metal Workers Local Pension Plan from Massillon, Ohio, will receive nearly $29 million in assistance after over a year of partial payouts to beneficiaries.
Regulation
PBGC Soon to Release New Final Rule on Special Financial Assistance for Multiemployer Plans
Public commenters expressed concerns over investment restrictions, discount rate calculations.
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.
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 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
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.