Pensions
PBGC Approves SFA Funding for 4 Pension Funds
Teamsters Local 111, Marine Carpenters Fund, UFCW Tri-State Plan and I.B.E.W Pacific Coast Fund, all distressed funds, were provided with support.
Tag: Pension Benefit Guaranty Corporation
Pensions
PBGC Approves $23.6M Grant to Midwestern Teamsters’ Pension Fund
Special financial assistance funds will preserve pension benefits for 615 transportation-industry participants.
Pensions
PBGC Approves $635M to Carpenters Pension Fund
The Pension Benefit Guaranty Corporation will provide Special Financial Assistance Program funds to the Detroit Carpenters Fund.
Pensions
Deadline for PBGC Premiums Is Approaching
The due date for premiums is on October 15; roughly 450 plans still have the opportunity to recover $800 million in 2023 premiums.
Pensions
PBGC Grants $31.6M to Newspaper Drivers Pension Plan
The Ohio-based Newspaper Drivers Local 473 Plan will receive funding under the Special Financial Assistance Program.
Pensions
Illinois Multiemployer Fund Agrees to Repay $8M in Excess Bailout Funds
The repayment is the second related to overpayment of excess funds received from the PBGC in connection with the Special Financial Assistance Program.
Manager Selection
PBGC Names 6 Firms to Smaller Asset Managers Program
The companies will manage some of the agency’s fixed-income assets.
Research
Research Report: Pension Bailouts Lead to Risky Behavior
According to the paper, the American Rescue Plan Act is a near-term plug but does not fix long-term insolvency problems.
Pensions
Pension Risk Transfers Poised for 2nd Strongest Year Ever
AT&T’s May transaction and other large PRTs push up the tally, Legal & General reports.
Pensions
PBGC Updates Address for Overnight Delivery of Paper Checks
The mailing address change for paper premium-payment checks is effective October 6.
Regulation
DOL Offers Guidance for Multiemployer Plans
Bulletin provides FAQ to help plans that received Special Financial Assistance meet notice requirements.
Pensions
Multiemployer Plan Funded Levels Fall Despite American Rescue Plan Aid
Investment losses dragged aggregate funded levels 12 percentage points lower in 2022.
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?
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.