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Road Carriers Local 707 Pension Fund Participants FAQs




A: The notice that the Local 707 Pension Fund provided to you in December 2016, is known as a "Notice of Insolvency Benefit Level." The notice describes your monthly benefit payment under the plan benefit formula and it shows the monthly benefit payment that is guaranteed under federal pension insurance. Now that the Local 707 Pension Fund is insolvent you will receive only the guaranteed benefit amount.
PBGC is the federal pension insurer that guarantees basic pension benefits. The amount of PBGC's guarantee is set by law under the Employee Retirement Income Security Act (ERISA). Because there are legal limits to what PBGC can pay, your benefit level has been reduced if it exceeds the limit.
PBGC has information on the guarantee limit for insolvent multiemployer plans. (See Multiemployer Insurance Program FAQs.) .