New York Teamsters Pension Gets $438 Million in Extra Funding

The Pension Benefit Guaranty Corporation has approved the New York State Teamsters Conference Pension and Retirement Plan’s application for additional funding, the agency said Thursday.

Based in Syracuse, N.Y., the plan covers 33,643 participants in the transportation industry, according to the PBGC.

The agency said it approved $438 million in supplemental special financial assistance for the plan, which is in addition to $963.4 million approved in November 2022 under an interim final rule.

The SFA program is part of the American Rescue Plan Act of 2021 and has currently approved over $46.3 billion for severely underfunded multiemployer pension plans, ...