The Pension Benefit Guaranty Corporation approved the application submitted to the Special Financial Assistance program by the Carpenters Industrial Council Lumber Industry Pension Plan, the agency announced on Wednesday.
The plan, based in Portland, Oregon, covers 5,834 participants in the construction industry. The plan will receive approximately $110.9 million in special financial assistance, including interest to the expected date of payment to the plan.
The SFA program was implemented under the American Rescue Plan Act of 2021 to provide assistance to severely underfunded multiemployer pension plans.
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