American Rescue Plan Act

3 08, 2023

PBGC greenlights more than $1 billion to aid 3 multiemployer plans

CORPaTH2023-08-10T15:06:26-07:00August 3rd, 2023|Categories: PBGC|Tags: American Rescue Plan Act, IUE-CWA Pension Plan, Newspaper Guild International Pension Plan, UFCW Local One Pension Plan|

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, [...]

PBGC’s multiemployer assistance rule loosens investing restrictions

CORPaTH2022-07-08T11:10:04-07:00July 8th, 2022|Categories: PBGC|Tags: American Rescue Plan Act, Special Financial Assistance Program|

By Brian Croce Source: Pensions & Investments The Pension Benefit Guaranty Corp. on Wednesday unveiled a final rule for a federal assistance program that aids struggling multiemployer plans. The Special Financial Assistance Program, created by the American Rescue Plan Act that Democrats passed in March 2021, was designed to shore up struggling multiemployer pension plans through 2051. The PBGC estimates the total cost will range from $74 billion to $91 billion. Under the program, a multiemployer plan is eligible for assistance [...]

PBGC multiemployer rule gets mixed reviews

CORPaTH2021-07-19T09:10:25-07:00July 19th, 2021|Categories: PBGC|Tags: American Rescue Plan Act, multiemployer plans|

By: Hazel Bradford Source: Pensions & Investments The Pension Benefit Guaranty Corp.'s interim final rule about how underfunded multiemployer plans can get special financial assistance is getting mixed reviews. The assistance was part of the American Rescue Plan Act of 2021 enacted in March and provides an estimated $94 billion in federal assistance grants for the most at-risk plans to pay benefits, if it will help them survive for 30 years. The interim final rule, issued July 9, provides [...]