Posts tagged Special Financial Assistance
Foxx, Good Bring DOL Chief Lawyer into Dead Teamsters Pension Overpayment Investigation
April 4, 2024 // “The Committee recognizes that, as Solicitor of Labor, you are the principal counsel to Acting Secretary of Labor Julie Su, who also serves as the acting chair of PBGC’s Board of Directors… The Committee is interested in what advice and legal interpretations you and SOL have provided to PBGC regarding its legal authority to recapture these overpayments from both before and after DOL’s publication of its statement.” The letter continues: “In addition, the Committee understands that SOL could play a role in how PBGC responds to inquiries from Congress and the public. Unfortunately, despite multiple inquiries, PBGC’s responses have been unacceptably incomplete. PBGC’s failure to provide full and forthright information is obstructing the Committee’s ability to consider H.R. 7135, the Ghost Handouts and Overpayments Stop Today Act (GHOST Act), or similar legislation to ensure PBGC meets its obligation to reclaim any overpayment it made in the SFA program.”
House probe starts after $127M in bailout funds paid to dead Teamsters’ pension plan
January 16, 2024 // Foxx and Good also said the “mismanagement casts doubt on PBGC’s implementation of the larger program, the $91 billion Special Financial Assistance (SFA) program,” saying Central States had sent a follow-up letter to the inspector general’s office that implied it would use the money “as their personal slush fund” to help it “achieve its statutory objective of remaining solvent through 2051.” Inspector General Nicholas Novak previously told The Post that there was no clawback function available to PBGC as part of the American Rescue Plan, through which the Biden administration provided more than $80 billion to other multi-employer pension funds.