PBGC Statement on Central States’ Repayment of $126.5 Million in Special Financial Assistance

Pension Benefit Guaranty Corporation (PBGC) sent this bulletin at 04/08/2024 05:57 PM EDT

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PBGC Statement on Central States’ Repayment of $126.5 Million in Special Financial Assistance

April 8, 2024

PBGC is committed to effective stewardship of taxpayer funds. On April 8, 2024, the Central States Pension Plan (Central States) returned to the U.S. Government more than $126.5 million—the portion of the SFA amount paid to the plan based on inaccurate participant census data.

PBGC has been coordinating for several months with the PBGC’s Office of the Inspector General, the Department of Justice’s Civil Division, and Central States to achieve an appropriate resolution. PBGC appreciates their collaborative efforts in facilitating this recovery.

With respect to other plans that received SFA before PBGC expanded the scope of its independent death audit, PBGC has full census data audits underway. PBGC is committed to facilitating the return of SFA amounts made to those plans based on inaccurate census data.

About PBGC

PBGC protects the retirement security of over 31 million American workers, retirees, and beneficiaries in both single-employer and multiemployer private sector pension plans. The agency’s two insurance programs are legally separate and operationally and financially independent. PBGC is directly responsible for the benefits of nearly 1.4 million participants and beneficiaries in failed single-employer pension plans. The Single-Employer Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. The Multiemployer Program is financed by insurance premiums and investment income. Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer monies.

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Statement Number: 12

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Media contact: PBGCExternalAffairs@pbgc.gov.