By Brian Croce
Source: Pensions & Investments
The Pension Benefit Guaranty Corp. approved special financial assistance applications totaling more than $1 billion to aid three struggling multiemployer pension plans.
UFCW Local One Pension Plan will receive approximately $764 million; the IUE-CWA Pension Plan will receive approximately $260 million; and the Newspaper Guild International Pension Plan will receive approximately $62 million, the PBGC announced Wednesday and Thursday.
Created by the American Rescue Plan Act that Democrats passed in March 2021, the SFA Program is designed to shore up struggling multiemployer pension plans through 2051.