National United Committee to Protect Pensions
NUCPP

Updates & News

Pension Warrior Updates and News

The NUCPP works to ensure pension funds of hardworking Americans remain solvent and beneficial to all members, retired and active.  NUCPP services are steadfast in the concerted effort to educate, inform and advocate for accountability, reform and restoration of multiemployer pension funds. NUCPP services exist to make a difference and develop new standards to safeguard Central States Pension Funds and all multiemployer pension funds.  NUCPP promotional services promote public awareness of the need to protect and reform pensions to ensure solvency for multiemployer defined pension fund participants.

Good News for Road Carriers 707 Pension Plan

Road Carriers 707 Pension Update 

Road Carriers 707 Pension Fund Update

 

This email was sent by the Road Carriers 707 Fund office to keep you informed of any updates to the 707 Pension Fund

 

Pension Fund Update January 20, 2022 

It’s Official!

Yesterday the PBGC announced on their website our application for Special Financial Assistance was approved by the PBGC. https://content.govdelivery.com/accounts/USPBGC/bulletins/3069677

 I spoke with the PBGC and their goal is to release the Special Financial Assistance to our pension fund as soon as possible. The Regulations require the release of the SFA to our pension fund within 90 days. The PBGC in the two most recent approvals expect to make payments within 30 days and I was told 30 days was their target for the Local 707 plan.  

Very shortly all participants currently receiving a benefit will be sent an individualized statement detailing the restoration of your monthly benefit prior to reductions under the PBGC’s insolvency rules. The statement will also detail the amount you will receive in a lump sum reflecting the amount between the benefits you received after the reduction and the benefits you would have received had they not been reduced. 

We will also be enclosing a Special Tax Notice that explains your rights to roll over lump sum payment into an Individualized Retirement Account or another tax qualified retirement plan. 

I will continue to keep you updated, please feel free to email me with any questions. I am also scheduling a zoom call for retirees to answer any questions you may have. Details will follow and be sent out via another email update.

 As always thank you to the Senate Majority Leader Chuck Schumer for his continual support.

Kevin McCaffrey

President, Teamsters Local 707

 

Dana Vargo