Pension Protection Act (PPA) Notice
2023 Funding Level 98.5% Funded
In April 2023, Central States Pension Fund reported that its actuary estimated the funding level of the plan to be 97.5% funded, and on track to reach full funding in coming years. As favorable as this is, the actuary’s finalized August 2023 report shows that Central States Pension Fund is actually 98.5% funded.
For comparison, Central States’ 98.5% funding level is well above the 87% aggregate market value funded percentage for all multiemployer pension plans, and even more favorable than the 97% aggregate funded percentage of financially healthy “green zone” plans.
This dramatic turnaround in the financial health of Central States and improved funding level is thanks to Central States’ receipt of $35.8 billion on January 12, 2023, from the Special Financial Assistance approved by the PBGC because of the American Rescue Plan Act.