The Central Pension Fund mailed the 2023 Annual Funding Notice (AFN) to all plan participants on Monday, May 22, 2023. Please note, this notice was sent for informational purposes only and does not require any further action be taken.
The notice can be viewed on the CPF website by clicking on the link below.
Below are some of the most common questions we get from plan participants regarding the Annual Funding Notice.
The following pages present the Central Pension Fund’s 2023 Annual Funding Notice (AFN). This notice is sent for informational purposes only and does not require any further action to be taken. Below are some of the most common questions regarding the AFN:
1. Why am I getting the Annual Funding Notice?
Federal law requires that all pension plans distribute an AFN annually, in the exact format presented.
2. What is the Annual Funding Notice?
The Annual Funding Notice includes relevant information about the Fund, and provides a summary of federal rules governing insolvent multiemployer plans and benefit payments guaranteed by the Pension Benefit Guaranty Cooperation (PBGC), a federal agency.
3. Do I need to do anything with the Notice?
You do not need to do anything with the Notice. The AFN is sent for informational purposes only.
4. Does this Notice mean that my pension benefits will be terminated or that PBGC is taking over my benefit?
No. The description of the PBGC is provided for informational purposes only.
5. I am currently receiving a monthly payment. Will my benefit amount change?
No. If you are currently receiving benefits from the Plan, those benefits will continue unchanged.
6. I am currently not receiving a benefit, will my Accrued Benefit change? Will the
method of determining my benefit at commencement date change?
No. There is no impact on your accrued benefits. The AFN is sent for informational purposes only. It does not in any way change the way your benefits accrue under the Plan.
7. What is the Pension Benefit Guaranty Corporation (PBGC)?
The PBGC is a federal corporation created by federal law in 1974. Currently, it protects the pensions of nearly 40 million American workers and retirees in over 24,000 private single-employer and multiemployer defined benefit pension plans. For more information on PBGC, please visit their website: www.pbgc.gov