On February 11, 2023, the New England Teamsters Pension Fund (the “Fund”) filed an application with the Pension Benefit Guaranty Corporation (“PBGC”) for Special Financial Assistance (“SFA”) under the American Rescue Plan Act (“ARPA”). The Fund filed on the first day it was eligible to do so under PBGC’s SFA program. The SFA funds requested would be used to significantly improve the financial health of the Fund and, specifically, as envisioned under ARPA, would help ensure solvency at least through the year 2051. This is a very positive development for the Fund and its participants, and one the Trustees have urged for many years.
The PBGC has 120-days from the date of filing to review and process the Fund’s application. The Fund has been working extensively with PBGC during this 120-day period. On May 30, the Fund withdrew its application to allow for additional review with PBGC – beyond the initial 120-day period. The Fund anticipates filing a revised application in the coming weeks. If the revised application is approved, PBGC will have up to an additional 90 days to pay SFA to the Fund. The Fund will continue to keep you updated as to the status of its application. If you have any questions, please contact the Fund Office.