PBGC Says Teamsters’ Central States Pension Plan Repaid More Than $126 Million in Erroneous Payments from Special Financial Assistance Program
Last evening, the Pension Benefit Guaranty Corporation (PBGC) announced that the Teamsters’ Central States Pension Plan (Central States) returned to the federal government more than $126.5 million, which is the portion of funding from the Special Financial Assistance (SFA) Program that was paid to Central States based on inaccurate data from the U.S. Census Bureau. This follows a March 2024 House Education and the Workforce Subcommittee on Health, Employment, Labor, and Pensions hearing on oversight of the PBGC that focused heavily on the SFA program and the introduction of legislation by House Education and the Workforce Committee Chair Virginia Foxx (R-NC) that sought to recoup the erroneous SFA funding. The PBGC also highlighted that it is conducting full Census data audits of other pensions plans that received funding from the SFA Program before the PBGC expanded the scope of its independent death audit.
SWACCA helped to include the SFA program in the American Rescue Plan Act at the height of the COVID-19 pandemic and was actively engaged in the deliberations over the regulations that implemented the program.
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