Teamsters Pension Applies for Bailout After $58 Million Legal Appeal Dismissed



A Teamsters pension fund has applied to the Pension Benefit Guaranty Corporation for a bailout after a circuit court denied its appeal in a lawsuit seeking $58 million in withdrawal liabilities from C&S Wholesale Grocers Inc.

The New York State Teamsters Conference Pension and Retirement Fund, a multiemployer plan based in Syracuse, New York, has applied to PBGC for special financial assistance under the American Rescue Plan Act to improve its financial health and restore benefits previously suspended under the Multiemployer Pension Reform Act. The pension fund said the restoration of suspended benefits would be retroactive and prospective, which means participants would be repaid for benefits reduced previously, while also having benefits restored to pre-suspension levels.

Author(s): Michael Katz

Publication Date: 14 Feb 2022

Publication Site: ai-CIO

SFA Update – One New Billion Dollar Filer




The PBGC Special Financial Assistance program for troubled multiemployer plans weekend update showed one new plan applying – New York State Teamsters Conference Pension Plan out of Syracuse, NY which, when compared to the other applicants, is the second largest by participant count, asking for the third largest dollar amount amount ($1,035,864,068) and the second smallest as a percentage of unfunded liabilities (30.12%).

Author(s): John Bury

Publication Date: 4 Feb 2022

Publication Site: burypensions