Post by ZIPPO on May 27, 2022 9:57:14 GMT -5
Dear Participant:
As communicated previously, the NYS Fund earlier this year filed an application with the
Pension Benefit Guaranty Corporation (“PBGC”) for Special Financial Assistance
(“SFA”). Since that time, the NYS Fund and its professionals have worked extensively
with the PBGC in connection with its review of the application. That work is ongoing and
yesterday, the NYS Fund withdrew its application in anticipation of needing to make
adjustments to its initial filing.
The NYS Fund and its professionals will continue discussions with the PBGC with the goal
of filing a revised application as quickly as possible. The Trustees are disappointed that
the process is taking longer than anticipated, but recognize that many funds applying for
SFA withdrew their initial applications and resubmitted with adjustments made. In fact,
more than half of the 25 funds that have been approved for SFA withdrew their initial
applications and refiled. The filing of a new application technically does start a new 120-
day review period, but in most instances PBGC has been able to review refiled applications
much more quickly. Indeed, refiled application materials only need to cover those items
that changed from the original application.
We will continue to keep you informed of all developments, including when the revised
SFA application is submitted. Thank you for your continued patience in this important
matter.
Sincerely,
The Board of Trustees
As communicated previously, the NYS Fund earlier this year filed an application with the
Pension Benefit Guaranty Corporation (“PBGC”) for Special Financial Assistance
(“SFA”). Since that time, the NYS Fund and its professionals have worked extensively
with the PBGC in connection with its review of the application. That work is ongoing and
yesterday, the NYS Fund withdrew its application in anticipation of needing to make
adjustments to its initial filing.
The NYS Fund and its professionals will continue discussions with the PBGC with the goal
of filing a revised application as quickly as possible. The Trustees are disappointed that
the process is taking longer than anticipated, but recognize that many funds applying for
SFA withdrew their initial applications and resubmitted with adjustments made. In fact,
more than half of the 25 funds that have been approved for SFA withdrew their initial
applications and refiled. The filing of a new application technically does start a new 120-
day review period, but in most instances PBGC has been able to review refiled applications
much more quickly. Indeed, refiled application materials only need to cover those items
that changed from the original application.
We will continue to keep you informed of all developments, including when the revised
SFA application is submitted. Thank you for your continued patience in this important
matter.
Sincerely,
The Board of Trustees