American Rescue Plan Act of 2021 ("ARPA")
REINSTATEMENT OF BENEFIT SUSPENSIONS
The Trustees are pleased to announce that the Pension Benefit Guaranty Corporation (PBGC) notified the Pension Fund that its application for Special Financial Assistance (SFA) has been approved. The receipt of the $715,008,192 grant will enable the Trustees to amend the Plan Document to restore future benefit payment amounts without reductions imposed by the benefit suspensions implemented on August 1, 2019 under the Multiemployer Pension Reform Act (MPRA). The Trustees are confident that this American Rescue Plan Act (ARPA) program now ensures everyone can expect that the Pension Fund will be solvent for the foreseeable future and able to pay the full benefits which you earned.
The Pension Fund now turns its attention to preparing approximately 20,000 notices under the legally required timetables, showing both the benefit amounts that will be reinstated and Make-up Payments. The reinstatement to pre-MPRA levels and Make-up Payments are required to be based on the date and month in which the SFA payment is made to the Pension Fund. PBGC states that it expects to make the SFA payment usually within 60 days but not more than 90 days after the July 25, 2022 approval.
The Pension Fund Office staff and its consultants will work hard to promptly process the reinstatement notices, estimating each participant’s or beneficiary’s reinstated benefit, as well as Make-up Payments for those in pay status who have received reduced monthly benefits under MPRA. Due to the volume of individual calculations and the need to base those calculations on the date and month SFA is received, the process will not be instantaneous, and at this time the Fund Office is not equipped to respond to questions on individual payment status details. Check on this website for any updates and watch your mail for your reinstatement notice.
For more information, read the Pension Benefit Guaranty Corporation News and Media Release.
The Pension Fund now turns its attention to preparing approximately 20,000 notices under the legally required timetables, showing both the benefit amounts that will be reinstated and Make-up Payments. The reinstatement to pre-MPRA levels and Make-up Payments are required to be based on the date and month in which the SFA payment is made to the Pension Fund. PBGC states that it expects to make the SFA payment usually within 60 days but not more than 90 days after the July 25, 2022 approval.
The Pension Fund Office staff and its consultants will work hard to promptly process the reinstatement notices, estimating each participant’s or beneficiary’s reinstated benefit, as well as Make-up Payments for those in pay status who have received reduced monthly benefits under MPRA. Due to the volume of individual calculations and the need to base those calculations on the date and month SFA is received, the process will not be instantaneous, and at this time the Fund Office is not equipped to respond to questions on individual payment status details. Check on this website for any updates and watch your mail for your reinstatement notice.
For more information, read the Pension Benefit Guaranty Corporation News and Media Release.
