A: To keep the UFW Fund 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 UFW Fund and enable it to improve its financial condition.
See Multiemployer Plans and Partition for more general information on how partition works.
A: Both the original and successor plans will be administered by the UFW Fund. PBGC expects that participants who have benefits in both the successor plan and the original plan will receive a single combined payment from their plan administrator.
A: PBGC will notify you by September 14, 2017, if you have benefits in the successor plan. As noted above, if you have benefits in both the successor plan and original plan, PBGC expects you will receive a single combined payment from the plan administrator.
A: Whether you are in the original plan or the successor plan does not affect the amount of benefits you will receive. Some people in each plan will have their benefits reduced.
If your benefit is reduced under the final suspension authorized by the U.S. Department of Treasury, you will receive that reduced amount. Otherwise, you will receive your full plan benefit. The UFW Fund has previously notified all plan participants of their post-suspension benefits.