pbgc sfa application statuspbgc sfa application status

From the table below, select a Plan Name to view all applications submitted and related press releases, if applicable. Locked padlock However, we found the following areas for PBGC to improve in its review of SFA applications. Eligible plans may submit an application for the SFA to the PBGC. *#[*bbYYkMjr}!yty:"R,eaB9I -Moh2#.F8~%r@^3_!["pd A new interim final rule (IFR) from the Pension Benefit Guaranty Corp. (PBGC) provides guidance on the special financial assistance (SFA) for multiemployer pension plans (MEPPs) under the American Rescue Plan Act (ARPA) of 2021 ( Pub. Important tax information and useful tips for retirees receiving monthly pension benefits from PBGC. Be sure to view tabs at the bottom of the PBGC spreadsheet for under review and approved Funds: sfa-application-status-current.xlsx (live.com), home|who we are|a promise| why nucpp|NUCPP Partners | updates & news|connect. After more than a decade of work to save our Pension Fund, our voices have been heard by Congress and the Administration, to whom we are eternally grateful for their legislative rescue. Back Learn More . 445 12th Street SW The rule also outlines a processing system, . American Rescue Plan (ARP) Special Financial Assistance P American Rescue Plan (ARP) Special Financial Assistance Program, SFA Application Guidance for Non-Priority Plans, Federal Register Notices Open for Comment. Additional information is available on the Frequently Asked Questions page. Be sure to view tabs at the bottom of the PBGC spreadsheet for "under review" and "approved Funds": sfa-application-status-current.xlsx (live.com) May 4, 2022 Previous #1 NUCPP at Work 7.19.22 - Biden Meeting and IBT Meeting Next PBGC is authorized to conduct periodic audits of multiemployer plans that receive SFA. An official website of the United States government. 2 ranking in the small federal government agency category. Washington, DC 20024-2101, Log In to MyPBA (For Workers & Retirees)Log In to My PAA (For Practitioners)Multiemployer Insurance Program FactsAnnuity or Lump Sum, Annual ReportsFederal Register Notices Open for CommentLaws and RegulationsPBGC Data SetsReducing Regulatory Burden, For Workers & Retirees1-800-400-7242 *Date by which an application for SFA must be approved or denied. Get full access to view your D&B business credit file now for just $39/month! Upon examining application files in PBGCs TeamConnect system, we verified all three plans in our sample submitted documentation required by PBGC. Due to aggressive automated scraping of FederalRegister.gov and eCFR.gov, programmatic access to these sites is limited to access to our extensive developer APIs. The SFA is not intended to "fully fund" eligible plans. The PACE WASHINGTON, D.C. The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the supplemented application submitted to the Special Financial Assistance (SFA) Program by the Bricklayers and Allied Craftsmen Local 7 Pension Plan (Bricklayers Local 7 Plan). Secure .gov websites use HTTPS An official website of the United States government. Washington, DC 20024-2101, Log In to MyPBA (For Workers & Retirees)Log In to My PAA (For Practitioners)Multiemployer Insurance Program FactsAnnuity or Lump Sum, Annual ReportsFederal Register Notices Open for CommentLaws and RegulationsPBGC Data SetsReducing Regulatory Burden, For Workers & Retirees1-800-400-7242 A plan may use the funds only to pay plan benefits and administrative expenses. General Inquiries, lock-in applications, and emergency application requests: multiemployerprogram@pbgc.gov, 445 12th Street SW The Multiemployer Insurance Program is financed by insurance premiums. The Single-Employer Insurance Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. Por favor vaya a la pgina principal del sitio de espaol de PBGC para ver informacin disponible en espaol. The SFA Application Process The PBGC has advised that it will accept as many applications as it estimates it can process in 120 days. 8:00 a.m. to 7:00 p.m. Eastern Time Monday Through Friday The Local 138 Pension Plan (Local 138) based in Baldwin, N.Y., which covers 1,723 participants in the transportation industry, will receive $112.6 million in special financial assistance, including interest to the expected date of payment to the plan. Share sensitive information only on official, secure websites. If you are human user receiving this message, we can add your IP address to a set of IPs that can access FederalRegister.gov & eCFR.gov; complete the CAPTCHA (bot test) below and click "Request Access". PBGC's SFA Assumptions Guidance stated that the determination of the expense cap should be based on "Annual Benefit Payments for the Last Plan Year Ending on or Before the SFA Measurement Date." It did not identify whether the amount should be based on Please go to PBGC.gov'sSpanish home page for more information available in Spanish. By using this website, you agree to the conditions, policies, disclaimer, and terms of use set forth in the above menu and throughout this website. The Pension Benefit Guaranty Corporation has approved a Special Financial Assistance Program application submitted by the National Integrated Group Pension Plan, according to PBGC T hursday. The plan, based in Akron, Ohio, covers 397 participants in the construction industry. This is wonderful news for all Central States participants. The SFA Program was enacted as part of the American Rescue Plan (ARP) Act of 2021. (Except Federal Holidays), Missing Participants (Standard/Distress Terminations Only), Federal Register Notices Open For Comment, ERISA Section 4044 Retirement Assumptions, Reportable Events & Large Unpaid Contributions. Amount of SFA Requested Application Status Bakery Drivers Local 550 and Industry Pension Fund 136626195/001 Denied due to Ineligibility Date of Withdrawal Withdrawn America's Family Benefit Retirement Plan 166103576/001 Williamsville, NY U.T.W.A. A lock ( The plan, based in Cincinnati, Ohio, covers 495 participants in the construction industry WASHINGTON, D.C. The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the application submitted to the Special Financial Assistance (SFA) Program by the PACE Industry Union-Management Pension Fund (PACE Industry Plan). The application was submitted and approved under provisions of PBGC's SFA final rule. Plans that have submitted lock-in applications and plans that have been placed on the waiting list are also included. SFA Application Status Check here for the latest updates and status of your Fund's SFA Application. Share sensitive information only on official, secure websites. PBGC is currently reviewing those comments and may incorporate changes in the Final Rule in response to comments that PBGC received. ^e _rels/.rels ( MK1!;*"l/EMd1`7FAtzwyfx{vE fVKrFH"l3*>.%uGV=\i8XrZJ%\P4H;s>67Mizo#+DYB5V$~"c'ZkRRF%8EsF|02Xn/1=cW7 PK ! Instructions for Notice of Reinstatement of Suspended Benefits. A lock ( Without the SFA Program, the National Integrated Group Plan would have been required to reduce participants benefits to the PBGC guarantee levels upon plan insolvency, which is roughly 15 percent below the benefits payable under the terms of the plan. The American Rescue Plan (ARP) Act of 2021, enacted on March 11, 2021, allows certain financially troubled multiemployer plans to apply for special financial assistance.. When the number of applications under review reaches that level, the application e-Filing portal will temporarily close until PBGC has capacity to receive more applications. PBGC protects the retirement security of over 33 million American workers, retirees, and beneficiaries in both single-employer and multiemployer private sector pension plans. Since the SFA Program launched on July 9, 2021, 20 eligible plans have submitted applications for PBGC review and approval. (Except Federal Holidays), For Employers & Practitioners1-800-736-2444 The plan, based in Niagara Falls, New York, covers 430 participants in the . PK ! This page has not been translated. Secure .gov websites use HTTPS WASHINGTON, D.C. The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the application submitted to the Special Financial Assistance (SFA) Program by the National Integrated Group Pension Plan (National Integrated Group Plan). The PBGC has approved approximately $35.8 billion in SFA, which the Fund received on January 12, 2023. ;=?pdjzO >d,`hB">I,7 }+q9/kN`o@[5>y}362mtORo5ro PK ! The calculation of the amount of SFA shown in the Fund's application for SFA is not applicable for other purposes. May 1, 2023 WASHINGTON, D.C. The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the application submitted to the Special Financial Assistance (SFA) Program by the Western States Office and Professional Employees Pension Plan (Western States Office Pension Plan). The plan, based in Nashville, Tennessee, covers 64,522 participants in the manufacturing industry. Without the Special Financial Assistance Program, Local 138 would have been required to reduce participants benefits to the PBGC guarantee levels upon plan insolvency, which is roughly 20 percent below the benefits payable under the terms of the plan. WASHINGTON, D.C. The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the application submitted to the Special Financial Assistance (SFA) Program by the National Integrated Group Pension Plan (National Integrated Group Plan). All Rights Reserved. Today, the Biden-Harris Administration has fulfilled that promise, said Assistant Secretary of Labor for Employee Benefits Security Lisa M. Gomez. The agencys two insurance programs are legally separate and operationally and financially independent. NUCPP services exist to make a difference and develop new standards to safeguard Central States Pension Funds and all multiemployer pension funds. (1) Under section 4262 of ERISA, an eligible multiemployer plan may apply for special financial assistance (SFA) from the Pension Benefit Guaranty Corporation (PBGC). The plan, based in Nashville, Tennessee, covers 64,522 participants in the . The SFA program provides federal grants to certain financially troubled multiemployer pension plans. of the Fund's application for SFA. 8:00 a.m. to 7:00 p.m. Eastern Time Monday Through Friday Special financial assistance will enable the plan to continue to pay retirees benefits without reduction for many years into the future. (Except Federal Holidays), Missing Participants (Standard/Distress Terminations Only), Federal Register Notices Open For Comment, ERISA Section 4044 Retirement Assumptions, Reportable Events & Large Unpaid Contributions. ;uFzmY5- A5^T 7^W.Ql?t]p|Ku 4CJ~ Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer money. 36598-36631 (July 12, 2021). National United Committee to Protect Pensions. PBGCs approval of the first application for special financial assistance is a major milestone in implementing the American Rescue Plan Act. This document contains an interim final rule that sets forth the requirements for special financial assistance applications and related restrictions and conditions pursuant to the American Rescue Plan Act of 2021. The overall amount of SFA that will be distributed to plans will depend on the financial status of eligible plans and economic conditions at the time plans apply for SFA over the next several years. Plans receiving SFA are also subject to certain conditions and reporting requirements, including an annual statement documenting its compliance with the terms and conditions. Check here for the latest updates and status of your Funds SFA Application. 8:00 a.m. to 5:00 p.m. Eastern Time Monday Through Friday xl/workbook.xmlVmo8~UOL jrjWUmJNb0gL~c]e%&~{3c>=QS^ttj)SaM_j3^Dj?V\,9_j P= The plan, based in Scranton, Pennsylvania, covers 48,254 participants in the manufacturing industry. Since 1974, weve made a commitment to protect the pension benefits of over 33 million workers and retirees, and their families, we serve. Thanks to this development, Central States Pension Fund benefits are secure both now, and long into the future. This page has not been translated. First, PBGC should better document its analysis of potential application issues and management concurrence regarding the resolution of those issues to better ensure management oversight. This page has not been translated. Q xl/_rels/workbook.xml.rels ( Mk0F]Z If so, this is your portal to working with PBGC. Pension Benefit Guaranty Corporation ApprovesCentral States Application for Special Financial Assistance. For financially troubled multiemployer pension plans. donate, nucpp.info@gmail.comP.O. PBGC was recognized for its No. (Except Federal Holidays), Missing Participants (Standard/Distress Terminations Only), Federal Register Notices Open For Comment, ERISA Section 4044 Retirement Assumptions, Reportable Events & Large Unpaid Contributions, PBGC Approves SFA Application for Roofers Local 42 Plan, PBGC Approves SFA Application for PACE Industry Plan, PBGC Approves Supplemented SFA Application for Bricklayers Local 7 Plan, Federal Register Notices Open for Comment. Por favor vaya a la pgina principal del sitio de espaol de PBGC para ver informacin disponible en espaol. Consistent with federal guidelines, Pension Fund assets will be invested very conservatively, which will allow us to maintain an extremely low risk profile while still achieving long-term financial stability. The American Rescue Plan Act of 2021 (" ARPA ") contained relief for financially troubled multiemployer defined benefit (DB) pension plans in the form of a Special Financial Assistance (SFA) Program operated by the Pension Benefit Guarantee Corporation (PBGC). ' [Content_Types].xml ( VKo00tb]1ChJL,D/LJC^lI]m TTt46,vETH*bFla +(}u^a^Yc^J-A^L :1BU6zQ]uTP)9P_$XX &gSe -3{ bc(A9&`VvNe'zqU+^u/QB:wA ux* The calculation of the amount of SFA is based on the assumptions and methods used in the 2020 certification of actuarial plan status, dated March 30, 2020, modified as Plans are not obligated to repay SFA to PBGC. wTfNG4Cl PK ! The SFA Program operates under a final rule, published in the Federal Register on July 8, 2022, which became effective August 8, 2022, and was amended effective January 26, 2023. PBGC Final Interim Regulations released July 9, 2021 -86 Fed. Share sensitive information only on official, secure websites. This is a significant advancement of PBGCs mission to provide retirement security for Americas workers, retirees, and their families.. An application must identify the eligibility requirements in 4262.3 that the plan satisfies to be eligible for special financial assistance. This process will be necessary for each IP address you wish to access the site from, requests are valid for approximately one quarter (three months) after which the process may need to be repeated. The PBGC expects the SFA to directly (via the restoration of previously reduced benefits) and indirectly (by providing enhanced retirement security) help more than 3 million MEPP participants and . WASHINGTON, D.C. The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the application submitted to the Special Financial Assistance (SFA) Program by the IBEW Local Union No. The plan had been projected to run out of money in 2022. Plans receiving SFA are also subject to certain terms, conditions and reporting requirements, including an annual statement documenting compliance with the terms and conditions. NUCPP services are steadfast in the concerted effort to educate, inform and advocate for accountability, reform and restoration of multiemployer pension funds. Share sensitive information only on official, secure websites. The NUCPP works to ensure pension funds of hardworking Americans remain solvent and beneficial to all members, retired and active. An official website of the United States government. If you recently received a letter telling you that PBGC is now responsible for paying your pension benefit, this page is your gateway to PBGC. However, we found the following areas for PBGC to improve in its review of SFA applications. This page has not been translated. We also verified PBGC performed its eligibility checks, completeness checks, and legal reviews of plan amendments, and documented these steps in the concurrence packages. Official websites use .gov and conditions on plans that receive SFA. Are you looking for other information from PBGC? PBGC is required to process initial and revised applications within 120 days of filing. (Except Federal Holidays), For Employers & Practitioners1-800-736-2444 Washington, DC 20024-2101, Log In to MyPBA (For Workers & Retirees)Log In to My PAA (For Practitioners)Multiemployer Insurance Program FactsAnnuity or Lump Sum, Annual ReportsFederal Register Notices Open for CommentLaws and RegulationsPBGC Data SetsReducing Regulatory Burden, For Workers & Retirees1-800-400-7242 The Single-Employer Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. NUCPP promotional services promote public awareness of the need to protect and reform pensions to ensure solvency for multiemployer defined pension fund participants. A .gov website belongs to an official government organization in the United States. As of June 29, 2023, PBGC has approved about $49.7 billion in SFA to plans that cover over 687,000 workers, retirees, and beneficiaries. The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the application submitted to the Special Financial Assistance (SFA) Program by the Central States, Southeast & Southwest Areas Pension Plan (Central States Plan). Por favor vaya a la pgina principal del sitio de espaol de PBGC para ver informacin disponible en espaol. The SFA funding will allow the Central States Pension Fund to avoid insolvency in 2025 and to make a full recovery - reaching full funding over time. When PBGCs e-Filing portal is temporarily closed or limited to plans from the waiting list, plans may request to be placed on the waiting list in accordance with the instructions in theSFA Application Guidance for Non-Priority Plans. he federal Pension Benefit Guaranty Corp. (PBGC) issued a final rule implementing changes to the Special Financial Assistance (SFA) program that will pay up to $91 billion to financially. (Except Federal Holidays), National Integrated Group Plan Averts Insolvency and Reduction of Benefits Through Receipt of Special Financial Assistance, Missing Participants (Standard/Distress Terminations Only), Federal Register Notices Open For Comment, ERISA Section 4044 Retirement Assumptions, Reportable Events & Large Unpaid Contributions. Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer monies. Under PBGCs SFA application metering system, PBGC will accept applications in a manner that facilitates an expeditious and thorough review process and provides every eligible plan an opportunity to file its SFA application with PBGC. The agencys two insurance programs are legally separate and operationally and financially independent. The SFA is not intended to "fully fund" eligible plans. The Interim Final Rule, set forth in new Section 4262 of the PBGC's regulation, provides guidance to plan sponsors on the SFA application process, including what plans need to file to demonstrate eligibility for relief; calculating the amount of SFA; assumption requirements; the PBGC's review of SFA applications; and other restrictions and condi. June 29, 2023. Official websites use .gov A lock-in application allows the plan to freeze its base data (i.e., SFA measurement date, census data, non-SFA interest rate assumption, and SFA interest rate assumption) when it is unable to file an application because the PBGC has temporarily closed the filing window. Please sign up for email updates using the link at the bottom of this page, and view the application status tracker [.xls]. PBGC Approves First Special Financial Assistance Applicat PBGC Approves First Special Financial Assistance Application, Special Financial Assistance (SFA) Program, Federal Register Notices Open for Comment. SFA and earnings thereon must be segregated from other plan assets and may be used only to pay plan benefits and administrative expenses. This article will serve as the second in a series of articles summarizing different aspects of ARPA. (Except Federal Holidays), For Employers & Practitioners1-800-736-2444 PBGC will update this page when the e-Filing portal opens and closes, and will post information about the status of submitted applications. PBGC is directly responsible for the benefits of more than 1.5 million participants and beneficiaries in failed pension plans. ) or https:// means youve safely connected to the .gov website. ) or https:// means youve safely connected to the .gov website. PBGC has updated its estimates of the cost of the SFA Program to reflect the provisions of the final rule and to incorporate more recent plan and . The Special Financial Assistance Program operates under an Interim Final Rule which was published in the Federal Register on July 12, 2021. For the three applications we reviewed, we found that PBGC had many procedures in place to review SFA applications, including eligibility checks, completeness checks, actuarial and business assumption reviews, actuarial calculation reviews, legal reviews of plan amendments, and reviews by upper management. The SFA Program requires plans to demonstrate eligibility for special financial assistance and to calculate the amount of assistance pursuant to ARP and PBGCs regulations. Application documents for the other submitted applications will be posted when PBGC completes the redaction of sensitive information. The National Integrated Group Plan will receive approximately $887.1 million in special financial assistance, including interest to the expected date of payment to the plan. WASHINGTON, D.C. The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved its first multiemployer plan application under the Special Financial Assistance (SFA) Program created by the American Rescue Plan Act of 2021 (ARP).