The Pension Benefit Guaranty Corporation announced Thursday that it volition supply $54.1 cardinal to Cresskill, New Jersey-based Teamsters Local Union 966 Health Fund Pension Plan, which covers 2,356 participants successful the proscription industry.
The pension was expected to tally retired of wealth successful 2023, astatine which constituent it would person been turned implicit to medication by the PBGC, and participants would person received astir 10% of the benefits they had expected to receive.
There person been three assistance packages for affiliates of the International Brotherhood of Teamsters announced by the PBGC betwixt November 18 and December 1, totaling much than $1 cardinal dollars.
The SFA proviso of the American Rescue Plan Act allows for PBGC backing for severely underfunded multiemployer pension plans. Funds that person assistance indispensable show the involvement resulting from the assistance wealth arsenic abstracted from different sources of funding. The PBGC besides lone accepts investment-grade bonds arsenic an concern for the funds it provides.
The pension administrators did not instrumentality a petition for comment.
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