On March 27, 2024, the New England Teamsters Pension Fund (the “Fund”) filed a revised application for Special Financial Assistance (“SFA”) with the Pension Benefit Guaranty Corporation (“PBGC”). The Fund’s initial application for SFA was filed in February 2023, but was withdrawn in May of 2023 to provide the Fund and PBGC additional time to review certain aspects of the application. The Fund has worked extensively with PBGC since that time and now has received approval from PBGC to file its revised application. PBGC has up to 120-days from the date of filing to review and process the Fund’s revised application, although it is hoped that the application will be processed sooner given the extensive work with PBGC to this point. In any event, the Fund expects to receive SFA funds by late summer or early fall 2024.
The timeline for filing the Fund’s revised application and receipt of SFA was longer than originally anticipated due to a number of factors outside the Fund’s control, but the receipt of SFA funds still will be an extremely positive development for the Fund. The SFA program is intended to help pension funds ensure solvency through 2051, and this will apply equally for the Fund in connection with its revised application and anticipated receipt of SFA later this year. Following the receipt of SFA Funds, the Trustees will consider additional steps to help insure the solvency of the Fund well beyond the 2051 date established by the SFA program.
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.
