To keep the Local 805 Plan from running out of money (becoming “insolvent”), some of the Fund’s PBGC-guaranteed benefits will be transferred to a “successor plan” that will receive financial assistance from PBGC to pay those benefits. This will relieve some of the financial burden on the Local 805 Plan and enable it to improve its financial condition.
See Multiemployer Plans and Partition for more general information on how partition works.
PBGC will notify participants with benefits in the successor plan by November 30, 2018. If a participant has benefits in both the successor plan and original plan, PBGC expects a single combined payment will be issued to the participant from the plan administrator.
Whether a participant is in the original plan or the successor plan does not determine whether the benefit amount will be affected. Some participants in each plan will have their benefits reduced.
If benefits are reduced under the final suspension authorized by the U.S. Department of Treasury, the participant will receive the reduced amount. Otherwise, the participant will receive their full plan benefit. The Local 805 Plan has previously notified all plan participants of their post-suspension benefits.
If you have any questions, contact the Teamsters Local 805 Pension and Retirement Plan office at:
Phone: (212) 308-4200
Letter: 60 Broad Street
37th Floor
New York, NY 10004