The Pension Benefit Guaranty Corporation has approved the application submitted to the SFA Program by the International Union of Electrical Workers-CWA Pension Plan, the agency said Wednesday.
The plan based in Pittsburgh, Penn., will receive close to $260 million in special financial assistance, according to PBGC. It covers 13,760 participants in the manufacturing industry.
The SFA Program was established as part of the American Rescue Plan Act of 2021, and targets severely underfunded multiemployer pension plans. As of Aug. 1, it had approved nearly $52.2 billion in funds to plans that cover over 751,000 workers, retirees, and beneficiaries.
The ...
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