News
Fund now to be known as the Graphic Communications National Pension Fund
The Board of Trustees has announced that effective June 16, 2023, the GCC/IBT National Pension Fund has changed its name to the Graphic Communications National Pension Fund (“NPF”). This change comes about because the International Brotherhood of Teamsters (“IBT”) terminated the merger agreement between the IBT and Graphic Communications International Union (“Union”), and the Union sponsor, formerly the Graphic Communications Conference of the IBT, has changed its name to the Printing Packaging & Production Workers Union of North America (“PPPWU”). The mission of the Board of Trustees and the Fund Office will remain the same, providing hard earned benefits to the Fund Participants.
Special Financial Assistance Received by the NPF under ARPA now totals in excess of $1.5 Billion
Please also note that on December 9, 2022, the the Pension Benefit Guaranty Corporation ("PBGC") announced that the NPF will receive approximately $227.1 million in supplemented SFA, under the American Rescue Plan Act of 2021 (“ARPA”) which is in addition to $1.288 billion in SFA approved for the plan by PBGC in April 2022 under the interim final rule. SFA will better ensure that the plan can continue to pay retirement benefits without reduction for many years into the future. The NPF has now received all the SFA distributions totaling over $1.5 billion.
Pension Benefit Guaranty Corporation ("PBGC") Approves GCC/IBT National Pension Fund Application for Special Financial Assistance (SFA) -- NPF Received $1.288 billion on May 24, 2022
The Board of Trustees of the Graphic Communications National Pension Fund ("NPF") is pleased to announce that on April 27, 2022, the PBGC approved the NPF's Application for Special Financial Assistance ("SFA") under the American Rescue Plan Act of 2021 (“ARPA”). The NPF received the initial funds from the government in May thereby eliminating the threat of insolvency. Regulations that went into effect August 8, 2022 allowed the NPF to file a supplemented application for an additional SFA allocation which was submitted an approved. ARPA provided sweeping financial relief to multiemployer pension plans like the NPF to ensure that these pension funds can continue to pay full benefits to plan participants well into the future.