By Courtney Degen
Source: Pensions & Investments
The Pension Benefit Guaranty Corp. on Thursday approved the supplemented special financial assistance application of a New York pension plan for workers and retirees in the transportation industry.
New York State Teamsters Conference Pension & Retirement Plan, or NYS Teamsters Conference Plan, will receive $438 million as a supplement to the $963 million in special financial assistance that was approved for the plan in November 2022.
President Joe Biden signed the Special Financial Assistance Program, or SFA Program, into law in March 2021, as part of the American Rescue Plan Act. The program provides funding to severely underfunded multiemployer plans if they demonstrate eligibility.